Ann: March Quarterly Activities Presentation, page-137

Bunderla, first, appreciate the posts w/the technical analysis.

If Syrah gets debt it will be 15-20%. They have a single mine which is not cash flow positive in Mozambique. It's just the reality. 15-20% is not an issue b/c it is very unlikely they will have to tap the debt facility.

Syrah really just needs a line of credit, they don't need to borrow. If they finish this qtr at $44 in cash (I'm assuming a slight beat) and then next qtr is -$7, dropping to -$4 in the December qtr they can finish the year with over $30 million in cash. It is very unlikely they have to even use the debt so market should reward them for avoiding CR at this late stage in their development.

These meetings on EV supply chain are very important for Syrah. For the BAM portion of their business they should be able take on debt at very attractive rates with either direct support for the US Dept of Energy or commercial banks who will be encouraged to lend to this space.