Ann: Syrah announces completion of retail entitlement offer, page-21

As you know, significant cashflow won't begin until the 45kt plant is up and running and of course the shipping crisis is over so we are looking out to at least 2024/25. Any divvie after that will depend on how much we get from the DOE in loans and at what terms plus the price of graphite flake and AAM.

We know at the current graphite flake prices Balama is cash positive producing at >15kt per quarter which is ~1/3 of its capacity and demand will only skyrocket. Most graphite mines due to start production in the next 3-4 years are small to medium apart from Gallois in Madagascar and predominately don't produce battery grade flake (including Gallois). The net production of battery grade graphite from these new mines won't come close to meeting the growth in demand. Also China wants to shut down most of their mines. I presume they won't be doing much exploration.

TLG I think is mainly battery grade graphite but the Swedes won't let them mine atm. I wish they would because globally, the EV industry will need their output.

So you can see the critical importance of SYR, particularly Balama, to keep the EV industry operational. There is no way they can produce more synthetic graphite if there is a shortfall in natural because it is too highly pollutant to produce and not enough coke waste product is being produced. Production of waste coke will only reduce over time as EV's become more popular.