Is that cap raise 81c, page-425

Syrah definitely has the early mover advantage even though had its troubles last year or so.

SP is now at 7 year low, are 18 months into a 50 year mine life. There is no other graphite mine like this anywhere else in the world and doubt there will be another one like it too.

Teething issues, commissioning the plant and trouble shooting to fine tune Balama at the right level takes time
and now at that phase where the tough lessons have been learnt and good fortunes to come. Price will come in our favour soon enough!

BAM is on our side too and once the stars are all aligned the sky will be like the largest fireworks celebration seen in the graphite space and mining industry in general.

Hard to see others getting anywhere near Syrah and even the 2nd or 3rd tier players to get finance and mines established in the next 3-5 years.