Ann: Syrah signs MoU for solar and battery project at Balama, page-23

It was the volume Syrah was putting out that caused excess supply and caused prices to fall - since Syrah shut down prices have risen. That was apparent right from the first quarter of reduced output prior to shut down.

Some lithium players are not profitable, two went under (I was a shareholder in AJM, full disclosure, I did not hold Nemaska).

If you think none of the lithium miners are at profitability, I would encourage you to take a an hour or two to review the PLS last quarterly and then average profits and outpit of that report against the increase in spodjmene prices this q4. Perhaps that is one reason PLS has outpaced other Lithium plays - but also because it is a producing operation that has expanded resource. My only other holding in Lithium now is AVZ - essentially they are playing the waiting game to avoid doing what Syrah has done to the graphite market.These companies strategies are a different ballgame for what we need at Syrah.

On that note, I do not know how to make this business a successful other than to wait out the cheaper miners until environmental standards in China force the closure of those mines - it already happened to a degree in Q1 '20.