Ann: First Production of Spherical Graphite from BAM Facility, page-3

Has to be coated to meet a specific battery chemistry / application, so sent to a third party coating processor who then sends to a potential customer for an ~ 3 year qualification timeline; likelihood of battery manufacturer qualification of a new graphite anode supplier is less than 20% as not all anode grade graphite will qualify in every battery chemistry or application. Until SYR can produce a turn key product, will remain at the mercy of the third party processor NOT the end user or battery manufacturer.