Ann: Q2 Interim Update, page-38

It's nice to see these large shipment volumes the market is absorbing but at no profit for Syah whatsoever. How much money are they losing per tonne on fines? Why are Balama net cash outflows still so high at improved sales volumes? Why no more comment on when breakeven occurs? Prices for fines mesh -100 have sunk 10% recently because of Syrah flooding the market, replacing Chinese producers. (see: https://www.tritonminerals.com/graphite-market/about-graphite/graphite-price/ ). I dont see them having significant cashlow on the short term with Balama operations and a puny little 5kt BAM capacity. As the market keeps growing, Chinese producers getting pressured (subsequently closing down) and cost per tonne trending towards 400$ per tonne (350$ pT at 350kt p.a is nicer though), small initial BAM cashflows helping SYR to get cash positive and future expansion via partners, 30% coarse flake on midterm, I do see light on the horizon.