I find it a little hard to understand why people are shocked...

I find it a little hard to understand why people are shocked that SYR is currently where it is at. SYr has if one has followed the announcments been saying that 2026 is really the year they hope that all will be on track in regards to sales and what they have put in place will start to pay real returns.

https://hotcopper.com.au/threads/ann-natural-graphite-offtake-and-marketing-strategy.7508461/

We also have now had the Posco with more to come if the company is to be believed.
https://hotcopper.com.au/threads/ann-syrah-signs-balama-binding-offtake-with-posco-future-m.7881262/

We also have the Samsung binding agreement due by July which one can be sure that now Vidallia is up and running is being worked on and this agreement will also form a big part of the 45ktpa expansion.
https://hotcopper.com.au/threads/ann-syrah-enters-into-mou-with-samsung-sdi.7517002/

How the world reacts to the ongoing China games is anyone guess but one can assume that they many countries will wish to shore up at least some of there supply, SYR sits in the forefront for this.

So whilst times seem tough, as they say it is always darkest before dawn, the future if one takes of the aim for a quick profit gain and looks to 2026 and beyond is fairly promising.
Graphite will always be required, battery types will change but that is a large unknown on how the new types will perform and their uptake and how many years away. one can assume not in the near term..