Syrah with BHP Billiton Management, page-10

Yes, we do have a difference of opinion, and it's healthy to voice all opinions since none of us are experts .

The graphite industry is a very opaque industry. Currently the big players outside of China are all privately owned companies who are not obliged to disclose who their customers are, what volumes their customers take, and at what price. Much of the data that is provided by so called "industry experts" relies on those private companies providing accurate data - do they provide "red herrings" or do they provide their trade secrets? Chinese data, as we know, can also not be relied upon, so it's pretty much guesswork all round.

I have "worked in a large corporation" - ASX listed - one with a sp considerably higher than SYR, and even BHP, and believe me I've seen talent both rise and fall - including a CEO or two.

You are obviously coming from a SYR long position, having bought in at $3.58. Presently you are underwater and, guessing by the recent number of glowing posts, you are keen to see this stock rise. I am neither long nor short. My hope for all shareholders, SYR or other G stocks, is that their share prices rise.

Regarding your comments - "I've heard your position a lot that Syrah won't be successful because we can't dump graphite in an exchange etc etc". I think perhaps you've heard wrong, or misinterpreted. What I have said is I'm skeptical about some parts of SYR's business model - the considerable volumes it plans to produce and therefore has to sell, as well it's method of selling - OTA's, which are essentially marketing agreements with third party traders - it's not the way that graphite has been typically sold in the past. Quantities sold have not, and generally are not, in the 100's of thousands of tonnes - typically they have been much lesser quantities. Will that change in the future - maybe.

You have mentioned the Asmet MOU a number of times - are you aware it was signed almost 3 years ago and has not been converted into a binding OTA? What are the chances it will? Are you aware that at the 2015 AGM TK is quoted as making these comments - "Asmet deal was opportunistic at the time. Now dealing with customers". I read that to imply even TK acknowledged back then that dealing directly with "customers/end users" is the way that sales have in the past and are still being made in graphite space.

I am also on the record of saying I think SYR is trying to do too much all at once - building the graphite mine as well as the SPGP - but I understand the rationale.

Your comments ..."rational decision makers will choose the lowest cost provider" seem to contradict what you have previously stated re another graphite stock you held up until recently. You suggested that stock had a superior product and that intermediary traders will have no difficulty in offloading a superior product - that stock has roughly twice the OPEX/tonne of SYR. Now you are a holder of SYR, you suggest it's all about lowest cost and volume.

I also read you were suggesting that it made good sense for SYR to takeover that company for it's valuable OTA's, skilled management and, just in case civil war broke out in Mozambique, a diversified supply base. I personally can't see that happening at all.

I have no doubt that the new appointee's are very capable and very experienced in the fields they have previously worked, but they don't have specific graphite industry knowledge and that will take time to acquire, IMO. They need time to get to know end users, their industry and fully understand their requirements. SYR has had a number of changes at the top within a short space of time. Shaun is now the 3rd CEO, and there have also been a number of changes in the top marketing jobs - the previous appointee had graphite experience. Shaun Verner takes over immediately as CEO but still advances the sales, marketing and logistics, etc, until Schaefer comes on board in March - as a CCO not GMM - is there another appointment on the horizon?. Askew says he is providing guidance from his base in the US to Shaun. This is a critical stage in the development of the Balama mine and the BAM. There's a lot going on at the moment and stable management, at the top, to oversee all of this is required.