SYR is the poster company for what not to do and their strategy...

SYR is the poster company for what not to do and their strategy was quantity over quality all based on hyper-demand for natural graphite and a name plate capacity of >300,000 Mt per annum. And if not mistaken, BKT is on the same aggressive growth path of 85,000 Mt per module with a total of 4 modules or 340,000 Mt per annum.

It is not my peril at risk, but the shareholders who have invested hard earned cash into a company that cannot connect its production to actual market intelligence yet appear to be following the same playbook. As a reminder, POSCO has signed multiple MOU's with natural graphite projects that do not have commercial production and will be 3 to 5 years before that fact is realised.

Product qualifications DO NOT vary by graphite project and is controlled by end users no matter who is the supplier and still the actual profit margins that potentially will be realised by BKT will be very low based on precursor feedstock for CSPG and having to accommodate significant discounts for any other medium or coarse flake products as required by any trader or reseller.