Yep the building the mine stage does not excite the market and...

Yep the building the mine stage does not excite the market and assuming MNS make it that far they will likely experience the same problem. The one thing that today's presentation by SYR demonstrates is how long the road is to get the customers fully on board. The reality is assuming you guys continue down the debt financing path how long will it take you to get to a stage where the lenders are satisfied that the customers are satisfied enough to truly commit. It is clear that end users want to see commercial scale production of our respective products to ensure product quality and consistency before making final commitments.

At the end of the day the only real differentiator between SYR and MNS is that currently MNS is going down less conventional refinement routes and has a focus on using some silicon - but that in itself poses additional risks and will likely require further qualification time by the customer. It also appears to be clear that the use of acids for purification is not going to be a huge cost for SYR so there is no real cost differentiator there between both plays.

FYI from today's presentation it was made very clear that SYR do not require any further funds for mine development - funds are only be sought through debt as a contingency, again something else that MNS will face when they get to this stage of development.

Despite what many here think SYR will be a major player in the battery graphite space and it is clear that they have numerous parties likely waiting for the commercial scale production testing before signing on the dotted line. It is also likely that many of these same parties will also likely be MNS customers.

Plenty of room for both plays to prosper but you have allot more to go on the qualification journey yet.