Ann: FY2024 Results Announcement, page-12

SYA's experience has been a sad sort of summary for the entire ASX lithium sector. They rushed the project into production as quickly as possible (i.e. restarting before they'd even completed a DFS), raising $610M in equity from shareholders along the way (since 2021), missed the cycle top and here they are today, posting a loss of ($101M) on revenues of $201M, with just $91M in the bank at 30/6 and lithium prices much lower than they were in the period they've just reported on. The waterfall chart in the presentation paints a pretty bleak outlook given what prices have done since, especially since it includes +$15M sale of investment and +$36M share issuances. A very tough year ahead for what is clearly an extremely marginal asset.