Again, very vague. "Expects cash balance to be broadly in line...

Again, very vague. "Expects cash balance to be broadly in line with guidance of US$64.9 Million at end of March 2020 quarter. Also mentions that 20% cost reduciton per tonne has been achieved at end of February 2020 (but his is base on 15,000 tonnes per month production rate - at the current month they won't ne producing 15,0000 tonnes per month (much less) so I don't believe the cost per tonne is down below US$500 per tonne yet (and don't forget you add back US$50 per tonne shipping costs to port of destination). Even if they are fetching the same price as the December quarter (around US$450 a tonne) they are still burning cash. Note, Mr Vernor also states that the market fundamentals for natural flake graphite remains intact. But is not most of their production fines and not flake (about 85%:15%). Oh, and didn't they previously tell us that they were going to get better pricing by producing more flake (30%) which is in higher demand than fines. Hmmm. But they never delivered.

The shorts against the vagueness of this guy and his board yet again appear to have gotten it right. Hmmm. Mr Vernor would have to start delivering on product quailty (carbon grade and more flake) and therefore a higher price or his job should go be end of June 2020. The June 2020 quarter will be crucial for Syrah - they must demonstrate they have sold more tonnes per month (at least 10,000 to 15,000 tonnes) and at a higher price (at least US$550 a tonne) to stop the cash outflow. Suggest June quarter could be big due to pent up demand as northern Europe and China head into Summer Season. It deliver then or you're out Mr Verner.