Ann: Macquarie Bank Australia Conference Presentation, page-6

Misdirection but more informed this time:
Syrah compares itself to unfunded new mines to show that new mines will have difficulty getting capital, building a complete mining operation and ship product.
Supply from China is falling and China is now IMPORTING. Environmental concerns and depletion of the best assets.
Syrah will have 55$ million in capital at mid year. They will be cash flow positive in fourth qtr. and given the delay in BAM, the new money will help build the plant.
With virtually all major automotive (include bus and truck) planning EV, demand is expected to exceed supply in 2H 2019. That will drive prices higher and early stockpiling might happen. A big wild card is the high cost of Synthetic Graphite and supply. EV manufacturers need to expedite standardization on Natural and plan that for less expensive models.
Most important is sourcing from a supply outside of China. China is buying Lithium mines outside the country as is Tesla. A solid contractual relationship with a Graphite company like Syrah is a significant defensive measure. (Personally I think the Chinese will buy this company and right now pay a very low price from a Tier 1 Asset in a growing strategic market).