>Market participants have suggested to us that SYR has been...

>Market participants have suggested to us that SYR has been dumping product to clear inventory positions and deliver revenue to the company.
>Given that 30-50% of costs at a mine like Balama might be fixed, we find it hard to imagine how the company can ever deliver positive cashflow for the project (without worrying about profitability).
>China marketing groups we have spoken to suggest the “China FOB price” for fines is currently around US$550/t. The price decline since early in 2019 appears to be real, but to nothing like the prices achieved by SYR. We believe that graphite fines (eg -195 grade, which is -100 mesh and 95% carbon LOI basis) is in oversupply in China. The province of Heilongji ang has large mines more than sufficientto meet the needs of the battery anode industry. We believe that SYR’s strong Chinese import market was more related to price than any sort of production shortfall from China this year.
>A story we have heard from more than one source is that one of the large Chinese battery anode manufacturers was buying from SYR as their prices were lower than the marginal cost of their own mines. Could this be correct?

If it is, SYR management has a lot of questions to answer.

I dont need to believe all this report is saying, but I know SYR management is not trustworthy, at least with all those crappy talk about market being in downtrend, mkt down along with Lithium. This report now make sense why SYR is in loss. They are selling unprocessed product, dumping the product. The only reason is they cant process those and they need to optimize the plant, which they cant do without limiting production which in case cant be done without informing shareholders, thats why they choose path of lies.