Ann: Balama Incident and Rectification Update, page-60

But again, as I've already mentioned, you dont understand the difference between debt and a capital raising or you're misusing the term bankrupt. Most mining companies fund risky startup projects with debt. Even BHP did when they started. When they run out of debt to draw against they, as you say, go bankrupt. It's actually a very positive thing that SYR can get money from big investors and not us, they are rare in the mining sector. All im saying is, imo, it is a strength of Syrah to be in credit. Yes, they mistimed the revenue but ergonomically they are in decent shape.

Thanks for the information about 'pay off-takes', nerver herd of them. They must be rare! There is no way in hell SYR would have that sort of deal for there products yet...here's hoping.

Best,
R1