Ann: June 2024 Quarterly Activities and Cashflow Report, page-21

Was hoping for an higher production and delivery but the explanation at least tells the story - fines basically stuffed because of continued synthetic production at low or loss prices. Given the EV market pressures, no wonder Tesla and other are taking advantage -at SYR’s expense of course. Delaying tariffs to 2027 has also not been helpful. Pricing does look much better but on small by product coarse. Not sure why they can’t target and mine more coarse flake if they have it. Perhaps the plant is not set up well for that? Despite Tesla apparently delaying delivery fro Vidalia, they seem to be seeking some alternatives perhaps for the 11kt perhaps. Short term hope they get the loan for Balama sorted. Still some doubt about the financing going forward. They will need something to go right with the fines market to really improve although if they manage the next 12 months things could change dramatically. No short term joy but perhaps the SP shouldn’t fall too much from here (Ha can’t fall too much anyway!!) GLTA