Ann: December 2023 Quarterly Activities and Cashflow Report, page-42

reviewing the quarterly sales price due to China sell off pushing down price was $490/t while costs were $534/t. By this simple back of a napkin calculation means we need at least a 10% increase to break even and considerably more to fund the planned expansions. UBS tips graphite prices to surge 50% from the 2023 lows and has set its long-term flake graphite price at $850/t. Macquarie Research are forecasting graphite deficits to begin in 2024 and increase each year to 2030. The image that hopefully is attached shows that graphite prices has been very much higher in the past with spot prices up to $3000/t. However that was before China brought all their graphite on line so we will not see those types of prices again I assess. I would be pretty happy at ranges between $850-1200 /t. I am uncertain in dollar terms what type of profits SYR could make with prices within those ranges. At the end of the day until we are in profit we are really not going to get the shorters off our back or see the SP really get to the $2-3 range I would like.

https://www.theassay.com/wp-content/uploads/2020/01/p29.jpg