i strongly doubt a CR in favour of a debt facility - but thats...

i strongly doubt a CR in favour of a debt facility - but thats just my oppinion

im looking at a different angle right now.

if one was to look at the offtake agreements that were made in 2017 and 2018, they have been done at lower prices. Syrah is simply honouring those contracts.
As the company wasnt declared commercial at the time, they didnt have to advise us what the contract prices were etc.
As we are now in commercial production, the next offtake agreement should have a price attached and this will be the price driver for the stock as the market factor in much higher prices.

My thoughts are the 2017 offtake agreements were also done at a significant discount to the market price to secure their sales in the first year. First mover deals are usually done at a discount to get the product on the world stage to prove the quality. We cant go producing tonnes of the stuff and not have any buyers waiting. my calculations suggest we are closing out old prices mid next quarter and the new contract prices kick in.

The binding sales agreement on the 7th and 12th of november 2018 is the beginning of the better prices where we have indicated a first sale to japanese customer at spot prices which were probably in line with what we see as a price on the TON website. the agreement with Taida on the 7th was surely done at a higher price than our production price. i say this with confidence becasue the orignal deals done a year ealier with BTR were done without production costs clear, we assumed we could do it for that price and make a profit.. Now that the plant had run for some time and costs were more apparant, we wouldve made the new deals according to our cost profile. which company would agree to produce more material at a loss?

Once these old contract are done, its spot price time and new contracts at better prices with some proper detail this time.

Syrah will need rally back significantly in the next 90 days months to avoid being cut from the ASX200 list.