Your post is quite incisive Fiendish R/B , and cuts to the heart...

Your post is quite incisive Fiendish R/B , and cuts to the heart of what this thread is really all about …..and in that regard , I would clearly replace your term "confusion" in line 1 of your input , with "frustration".

In the bigger macro picture , of the EV revolution and the strategies and thinking of big miners , your other recent post/thread re fmg FORTESQUE and looking at expansion and timing , is right on point .Read in conjunction with previous Press REPORTS ( 4TH June 2018 , interview with new CEO Elizabeth Gaines as an example) , FMG are looking outside the square for "'mining expansion" ...not necessarily , and probably not iron ore , but (likely) copper because they can see what's coming with "battery metals"!

Now I'm only using FMG as an example , of todays International big miners ...and not intimating any possible interest from FMG .

In the Syrah world , and back to the start of this thread , the company has gone from discovery to production and now expansion ( into spherical graphite), traversing all the large craters that Africa dealings present …..and have raised upwards of $550 mill in that 4 year process ….with the current result of having the dominant long term graphite producer (outside of China)( and with a large potential vanadium credit sitting there)…..VALUED AT CIRCA $400 MILL , incl.$60 mill US in cash !

The "frustration" goes beyond share price ….but the "gears" controlling that price , are the dominant big players who control the share Registry ( the shorts) , coupled with the fact that the company does not have an alignment with a big miner and /or industry player in the EV and battery market !

At any point in time, these current controlling influences ( at a market cap of now $4oo mill ) could cut a deal with an opportunistic ( such as an FMG who sees the need to expand into broader mining )…..and whooska , 5 years of hard yards of establishing a TIER 1 ASSET goes tumbling over to some other entity …..not at a PREMIUM , but at a highly DISCOUNTED price ! The shorts just make a mozta !

Perhaps a Double Motza ...as there may be more that one player ( big miner )willing to buy the company at such a discount …..rather than go thru a fresh cycle of exploration/development/market exploitation and that time factor , when the supply will be needed in +/- 2 to 3 years time !

Your post succinctly hits the nail on the head ...I have just used it to (IMHO) to elaborate why ….so thank you . I will continue to watch FMG 's possible expanded direction , which I agree and whilst not overnight , will happen under an astute new CEO combined with an astute like minded Board !

Let's hope Syrah Board has some "surprises" of its own making in the wings ...and not be faced with an untimely intervention where it can only try to arbitrage a better price !

cheers