Ann: December 2023 Quarterly Activities Presentation, page-9

Assuming $5-7 sales price according to the current quarterly (all figure in USD).

Then looking at costs, we have,
2020 Vidalia update had costs at about $3/kg.  
'Operating cost (all-in) is now estimated to be US$3,109/t being reduced from US$3,149/t estimated in the BFS'

From the 45kt DFS, it looks like $3/kg for Stage 2.
'Estimated all-in operating costs of US$3,023 per tonne (2023 real) for the 45ktpa AAM Vidalia facility, assuming Balama natural graphite cost is US$425 per tonne (FOB Nacala/Pemba) (2023 real)'

If everything goes smoothly to nameplate (it never does ), below are very crude margins scenarios.  




$72 million was the cash burn for the year.  Food for thought.  With a 45kt plant, seems like SYR would be in a good position even with todays depressed graphite prices.  Assuming I didn't make any mistakes here (not very likely )