Ann: March 2023 Quarterly Activities Presentation, page-49

I agree with all sentiments - SYR continue to disappoint with Balama and even with the first convertible notes with Oz Super they appeared overly generous to me at the time. Right now the SP action will be hard to follow - shorters, many long term unhappy investors, tax loss selling for the recent acquirers, ASX 200 funds adjusting and traders -so good luck if you can pick short term. China dominate both the graphite and anode (natural and synthetic) production by a long way. Until SYR get some alternative market -south Korea, Europe, North America, they will be at the mercy of China. Positive is these other markets would prefer other sources also. Hopefully in 3-6 months, the dynamic around graphite supply and pricing will turn. What's for certain is the growth in EV's and Battery production - More competition among EV producers and reduced prices for EV's should not slow the production and demand for batteries and hence component demand -graphite. I temper my medium term SP outlook but still looks cheap at these levels. Big call to spend 500 million on an expanded anode plant if you can't get Balama on track IMO. Somewhat fortunate they got the DOE loan. GLTA