The quarterly was pretty much what I expected. Given the...

The quarterly was pretty much what I expected. Given the geopolitical environment everything is progressing nicely as they slowly pivot away from China. It takes time unfortunately.

As I said 3 months ago, revenue wise, 2024 is going to be a tough year until the end of the year.

1/ They're in discussions with 10 potential non-integrated AAM producers with some already constructing their plants who need fines flake graphite. Most other graphite miners are struggling to get financing to begin construction and they have a low fines flake graphite mix with most below 35% whereas SYR is 85%. Where else can they get it from and be IRA compliant? It takes time to build and ramp the AAM plants but it takes longer to build a mine. They hope to sign a few off-takes the qtr.

2/ I was encouraged by western battery manufactures still wanting graphite at the original natural/synthetic 40/60 mix. In 2024/25 the 1st phase of western battery manufactures large gigafactory plants come online. Most will still need to get their natural AAM from China so there is huge scope to supply China as they increase imports plus supply the western AAM plants as they come online including ourselves.

3/ On the teleconference Shaun talking about being actively engage in setting up an ex-China pricing mechanism for graphite

4/ You can only claim either the 45X or 30C tax credit not both. Obviously you claim the highest. Interestingly they have only put in a claim for the 45kt expansion probably because they'll spent a lot more capital in a shorter time frame to claim back. @Richo48 I'm impressed you remembered SYR mentioning it in the June quarterly. They on said 3 words about it.

5/ They covered the MOU with Tees valley graphite in the quarterly. You don't need a separate announce to hear the same thing when it's only a MOU. Actually signing a JV is a different matter.

Depending how fast they sign the JV and want to move forward with the project, there is scope to employ people and send them over to Vidalia to be trained, help out with the ramp and observe the 45kt being built so they hit the ground running.

6/ On the 45kt expansion, they're using the same language just before the 11.25kt FID eg. long lead time equipment etc. I'm not sure if they have placed any orders though

7/ 2024 will be a busy year for announcements. A JV or V's, off-takes, FID, DOE LPO, progression of Vidalia to first sales, and hopefully the Chinese wanting more graphite as the western gigafactories begin coming online