Media Reports, page-1649

SYR v RNU

I have only just started to try and understand what is going on with graphite and why the whole market seems to be tanking this year, so far I have realised that there is no easy way to compare two natural graphite producing companies, there are so many product and other variables at play and it depends how much weight you want to put on each. The history seems to be that share prices peak in the dreamtime (Syrah was upwards of $6 back in 2016) and drop when reality kicks in. But to my way of thinking there is just no comparison between Syrah and Renascor, Syrah is just so far ahead in every metric.

1. SYR is operating, RNU is still in the dreamtime. One has experienced the multitude of difficulties that occur and the other is years away from having any practical experiences.
2. Resource size. There is no comparison.
3. Production capacity. 350ktpa existing v 80ktpa planned.
4. Mine life. 50 years v 40 years.
5. Total Graphite Content. 18.0% v 8.4%
6. Production costs and Selling price. Real life v estimates.
7. The two downstream plants are planned to produce different products.
8. Finance. Syrah has Australian Super backing it all the way. Renascor is looking for backers.

Once whatever is happening in the market now (which I don’t in any way understand) and the forecasts depicted in the graphs (which I am somewhat sceptical of) come back into play surely Syrah is in the box seat to take advantage of the upside. It’s just when is this ever going to happen!!

1	Company	Syrah Resources Limited	Renascor Resources Limited
2	Stock Exchange	ASX : SYR	ASX : RNU
3	Country	Mozambique	Australia - SA
4	Project	Balama	Siviour
5	AAM Facility	Texas USA	Bolivar (Adelaide)
6
7	Mine
8	Ore Reserves - Proven	17,000kt	1300kt
9	Ore Reserves - Provable	24,000kt	2500kt
10	Mine Size	160ktpa currently	80ktpa startup
11	Mine Life	50 Years	40 Years
12	Production Capacity	350ktpa	80ktpa x 4 Yrs / 150ktpa after
13	TGC	18.0%	8.4%
14	Carbon Content	94% - 98%
15	Production Cost	US$430 - US$480 per tonne	US$350 tonne
16	Sales Price	US$661 tonne (CIF)	US$804 tonne
17	Time Frame	Operating	Tendering for Engineering Design
18	Capital Cost	US$120m	US$82m
19	Market	China 64% - Other 36%	Unknown (BAM Facility)
20		Battery Use - 85%
21
22	AAM Facility	Vidalia AAM Facility	Adelaide BAM Facility
23	Country	USA	Australia
24	Capacity	0.00ktpa USPG	28.0ktpa USPG
25		11.25ktpa CSPG	0.00ktpa CSPG
26	Expanded capacity	0.00ktpa USPG	Unknown
27		45.0ktpa CSPG	Unknown
28	Time Frame	Pilot Plant - End 2023	Awaiting Investment Decision
29		Production Plant - Unknown	Unknown
30	Capital Cost	Pilot Plant US$190m	Pilot Plant US$63m
31		Production Plant - US$539	Unknown
32	Production Cost	CSPG - US$3020 tonne	USPG - US$1989 tonne
33	Sales Price - Estimated	CSPG - US$5000 - US$7000 tonne	USPG - US$3815 tonne
34	Market	Tesla - Non-binding MOU	Posco Korea - Non-binding MOU
35
36
37	Directors	Jim Askew - Chairman	Richard Keevers -n Chairman
38		Shaun Verner - CEO	David Christenson - CEO
39		Jose Manuel Caldiera - Lawyer	Geoffrey McConachy
40		Lisa Bahash	Stephen Bizzell
41		Sara Watts
42		John Beevers
43
44	Shareholders	Australian Super	No Major Backers
45
46
47	Market Capitalisation	A$480 - Share Price A$0.71	A$469m - Share Price A$0.185
48
49
50	Future Actions	BAM Facility	AAM Facility
51		DOE Grant	Investment Decision
52		DOE Loan	Commission Pilot Plant ??
53		Facility Start Up	Optimised BAM Study
54		Global Demand and Prices
55			Complete Feasibility Sudy
56			BAM Quality Qualification
57
58		Mine	Mine
59		Production Restart	Securing binding offtake agreement
60		Expansion Tailings Storage	Final project permitting
61		Vanadium Feasibility Study	Financial due dilligence.
62		Global Demand and Prices	Investment Decision
63
64	Stage of Development	Operational	Start of Construction