before new year, page-6

Moloch makes an excellent point. The Kibaran agreement is for 10K tonnes per year, and the Focus Graphite announcement says: "up to 40K tonnes per year" (whatever "up to" means in practice).

With an initial production volume of 220K tonnes per year, and a commanding production cost advantage, SYR is in a different league. There has been feedback from potential customers showing that Balama quality will suit their needs, and production will not commence until early 2015, so there is no cause for concern about announcing orders at this stage.

The main reason that some of the small graphite hopefuls are so keen to get early off-take agreements is to convince their bankers that they have a viable project. That is, they need cash for their very survival.

SYR has no such problem. The recent announcement regarding equity and loan funding has put that hurdle behind them.

Unlike some of its competitors, SYR is not forced into negotiating contract details with a financial gun at their heads!

Cheers, Prime1