Ann: Syrah Signs Offtake Agreement with Marubeni, page-15

I meant main differentiating characteristics from other graphite companies. There are other graphite companies that can compete with SYR on the basis of resource alone, but if you want to see why SYR has succeeded and they are lagging behind, IMO, it comes down to these 3 characteristics.

I don’t want to compare management but will simply point out to what the SYR management have done as against other managements – actual cold, hard facts. There are not too many goldbugs among the HC graphite commenters besides @mainholm and me, and both of us know the importance and prestige which being a director of EVN and OGC would carry (companies mainholm mentioned). As mainholm rightly mentioned, getting him on board was a great move and a perfect complement to the energetic and enthusiastic Tolga.

I’m not going to criticize other companies but at least one of them, has seen a fair bit of infighting among directors/top shareholders/brokers, etc. recently. It portrays a terrible image to investors, that the people we hope will take the company to the next level, are at each others' throats.

Tolga and Askew on the other hand have quietly gone about their work, getting instos to support them and focusing on actual things like cash, all the while portraying a solid image of stability and unity.

Now coming to instos and cash - Getting the instos to support the mega cash raising last year was another masterstroke. That capital raising might have failed if done now, but in hindsight, when I think about it now, the timing was brilliant. Once more, Askew being a gold company director (you have to know some macro to be a good gold expert) and Tolga being an ace stock expert would have possibly looked ahead at the weakening macro scene and possibly decided that it was now or never, and it worked perfectly that they did it last year. That 200 million CR is what really separates SYR from other companies.

Anyway guys good job, and all the best. I still have my reservations longer term, but won’t go in deeper again as not many of you took it too well the last time around.

Anyway, rest assured that I won’t grudge your success one bit, and hope things work out for you guys.

Cheers