Ann: Syrah Sales and Marketing Update, page-28

Quechee, I have never experienced a multiple based on revenue. Multiple are base on EBITDA. Secondly selling at an average FOB mine price of usd800 is optimistic. Third as cartex reports developing the market for this volume 160K tons per year takes time. If investors like you believe Syrah can sell all 160K tons per year at average FOB mine price of usd800 and if Syrah's costs before SG&A are at usd296 and then assuming Syrah has SG&A costs of around usd12m this nets out to an annual EBITDA of usd60m per year and using your multiple of 10 the market value then is only usd600m. This is why I say Syrah must develop the Louisiana BAM plant fast and sell out all the 60k of capacity and very high margins just to justify their current market value.