Ann: June Quarterly Activities Report Presentation, page-64

@balexy The mining equipment, processing plant and graphite resources underground have IN THE PRESENT ZERO value if you cant sell the graphite at a profit. They may have a value IN THE FUTURE, but that is the issue, no one knows when this future will materialize (in 1 year ? 2 years ? 3 years ?...), when exactly the small flakes graphite prices will increase to 600+ us$ per tonne to become profitable for Syrah to mine, process and sell ? No one knows. Assuming Syrah runs out of money and cant raise capital due to low graphite prices, believe me the value of the mine and resources will be peanuts if sold in auctions.

At current conditions of the markket if I have to take a guess, in order to reduce risks I prefer a market cap of 40 Million$ before jumping-in. (basically 10c per share instead of the current 30c). Maybe max 15c - 20c if graphite prices start to improve and there is hope in the horizon.

The possibility of the company going bankrupt is real and serious and shouldn't be underestimated, it generally doesent happen like people think it does (one day you wake up and the company announces bankruptcy), it happens progressively either through accumulation of unsustainable debt and then insolvency or through extreme dilution/rollbacks (technically not a bankruptcy for the company but for initial shareholders they loose it all and that is imo the most likely scenario for syrah if graphite prices do not improve given they have currently zero debt).