General Discussion, page-36

Growth has slowed not stopped. The early adopter phase is over. We're entering the mainstream phase where growth will be at a gentler pace. However, the base the growth will be based on is a lot larger than the a few years ago so in absolute terms it will be relative the same.

The US and Europe import ~60% of their batteries for EV's they manufacture onshore from China. The US and Europe have 800 GWh battery manufacturing plants being built which come online in the next 2.5yrs. SYR's goal along with other western supplies is to supplant some of the Chinese supply of battery grade graphite which will go into those batteries.

SYR doesn't need anymore growth. It has enough on its plate already. It's now a waiting game for those battery plants to come online and for SYR and other AAM suppliers to build their own plants to meet demand in the mean time. Unless of course the Chinese bans are less restrictive and the price wars started by Tesla cease. Then Balama can resume exporting concentrate to the natural Chinese AAM producers at volume again.