Ann: June 2024 Quarterly Activities and Cashflow Report, page-70

Good observation , this one ..and it will be interesting to see HOW SIGNIFICANT it is , who it is with ...and the timing of when it materialises .
The share price on going pain , seems certainly destined to continue ..at ;least until the US elections and the full policy issues have more clarity from both parties .
As is clear to all , the extension of the Tariff/Tax issues on ex-China products until the 1st January 2027 ,is a DOMINANT FACTOR in holding back deals and decisions between Auto Makers and battery manufacturers Ex China ( USA and Europe ) ....that is further exhanced by the political uncertainty !
Syrah's Presentation ( paper version , I didn't hear Verner's delivery ) whilst compex , is actually very good in setting out the pros and cons and headwinds that they face today . But Slide 15 ( EX CHINA MARKET SIZE AND GROWTH OPPORTUNITY FOR SYRAH IS CLEAR ) sets out SYR dominance , outside the synthetic graphite competition .
I happened to look at the Jigah Shah Twitter Account the other day ( Jigah Shah , Head of DOE in the Usa , and there were a couple of useful posts ( as below , if I have the links correct ?)) made on the 22nd July:

https://twitter.com/JigarShahDC/status/1815159974856655256?ref_src=twsrc%5Egoogle%7Ctwcamp%5Eserp%7Ctwgr%5Etweet

https://twitter.com/_jay_turner/status/1813584841440690643
The second one , showing details of the US electric vehicle supply chain , and the participants in production , in construction and in planning ...and the jobs created as a result , is very instructive . Its a real shame , that we can't get information/clarification from Syrah , as to how many of these participants that Syrah is engaging with on spherical graphite use , how many have NO because they will be using Synthetic Graphite only ( few I suspect ) ...and how many just won't chystallise deals , until the Tariff and Political issues are clear ...or are at least clearer .
One ..just one SIGNIFICANT DEAL ...might just start a bit of a snowball effect with other Auto Manufacterers ...as "cutting out the opposition" and fear of missing out , might kick in.
Just IMHO and thoughts to kick around ---in an otherwise market perception that has liitle reason to be other than gloomy !