While RNU's bam study results were positive they are forward looking, the market has reacted the way it has due to current PSG prices, June 8 the price was around 2000-2200 usd per tonne according to Fast Markets, I saw this morning that it was even lower according to Bombersmadd, $1840 USD/t
https://hotcopper.com.au/posts/69241779/single
IG6's study last month also showed that now is not a good time to be producing, market didn't react badly to IG6's news as they are a bit under the radar, their costs were a bit higher too they did include both uncoated and coated psg in their study, UPSG for $2548USD/T, and CPSG for $3733USD/T, RNU is cheaper at $1846 USD/T and I believe that is for UPSG as their was no mentioned of coating the PSG themselves in the study.
That is exactly why SYR is struggling. June last year UPSG was selling at $3500-$3800 usd/t and CPSG at significantly more.
Ann: Resource Drilling Commences at Lacroma Graphite Prospect, page-24
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