Credit Suisse's Graphite Bombshell, page-2

Hi Prime 1,

Another pumped up fluff piece,  but the only bombshell is the tumbling  SYR SP and the lack of interest for your low grade Balama flake in the Battery industry! That is the only bombshell worth talking about but you never can tell why SYR was no battery partners? All that nasty acid used in your purification process creates only explosions of uncertainty for end users.

Both CS and yourself are starting to sound like TON management before going into VA. All spin and fluff. Sure you have money in the bank and building a mine before anyone else, but your "field of Dreams approach" will catch up with you at some point.



Building such a mega mine without pre-selling any significant output to high value users, will IMHO see this end in tears. It is why all the banks walked away.......

I have been asking you personally for years why every major battery producer has tested your second rate product and walked away after testing? You never answer the question but keep talking about batteries will be the next big thing for SYR. What has happened to your so called first mover advantage for SYR in the battery sector? You talk about "telling it how it is" and how "refreshingly frank" CS have been, but the facts are only a very small % of output has been sold and SYR have NO battery interest in your low grade, low value, chinese like flake...

What will happen to your much hyped SYR SP Prime1, when other junior Graphite plays sign binding offtakes with battery end users? The SYR SP is the only bombshell not mentioned by CS....Tick tick tick BOOM!

Good Luck Prime1 as we are only weeks away now...... I can smell a re-rate!