It is a stretch to say the plants are in production, Balama is...

It is a stretch to say the plants are in production, Balama is on the cusp of C&M and Vidalia has not sold anything and is dependant on Tesla actually taking product which has already been put back to the start of 2025, so who knows.

As to many off the other offtake agreements most are non binding so certainly no guarantee.

As for graphite security the US has back peddled once, will they do it again?

So it is fair to say the company is totally at the mercy of the graphite market and most certainly Aus Super and what they wish to do in 6 months time as Syr will most certainly need more money. So a low ball offer or receivership is certainly a possibility so a good chance the market is pricing in.