Ann: Syrah natural graphite sales and market update, page-15

It will be interesting to see how much they'll eventually want from SYR once the plant is up and running. Like Posco, it's a good indication they'll need some long term If they're scaling the plant using graphite from Balama. Their customers further up the supply chain would have already completed suitability testing using SYR graphite and are now testing the AAM in the batteries they want to produce.

With BTR as a Chinese partner, they'll want to derisk their supply chain and geopolitics by sourcing most if not all graphite feed stock away from China. And who else can they get it from at scale?

The AAM will be for the Indonesian domestic EV battery production market. Obviously BTR who produces both natural and synthetic and the Indonesian's don't believe you can only use synthetic in EV batteries or why build a natural AAM plant.

What SYR are trying to achieve is to get Balama to full production to leverage their economy of scale to increase margins at very high volumes.

Hungary and Poland have a few of the early battery gigafactories. They were quick off the mark to attract producers with incentives. I'm wondering who are they sending SPG to in the US.