General Discussion, page-218

It is what it is. Not much positive in the sector, especially around LI it seems. Graphite just didn't hit a sweet spot like Li despite the existing demand. China's dominance didn't help SYR but it seems to me they took advantage of SYR's initial ramp up at what must have been pretty sharp prices. Have SYR management really handled all the issues well?? We'll never know but there's reasonable questions around their ability to execute. At least they could have communicated the anode supply issues in the market prior to April 2023, they could have indicated they re-started Balama mid year (which was costing around $4million per month in care and maintenance- yep they did in response to an Australian newspaper article), their forecasts for Vidalia keep blowing out every 1/4, according to the last quarterly Vidalia should be up and running?? -not newsworthy?? I guess we'll wait for all the good news in three weeks. We should be grateful their not broke but they probably would be close or at least cheaper without DOE and Aust. Super. Retail holders don't get paid million dollar salaries to run businesses so it's fair if you cop the benefits you are open to scrutiny. Hope for a quick turn around some day.