That would be correct, hence I am a holder. As I said, if SYR...

That would be correct, hence I am a holder. As I said, if SYR cant make it work, very tough for others.
We were told in the beginning, s/p $4+, don't underestimate the qualification period.
We didn't listen carefully enough!
Tesla may get it done this year, my guess would be not.
My guess would also be no others will be anywhere near complete. Everybody has to do their own.

The newbie graphite miners, if they think they may start producing 2025, no sales likely before 2027/2028. SYR startup was not exactly smooth!
Every mine will be different but SYR product is pretty clean in terms of impurities so would expect it to be tougher for others.

If I was a financier I would be waiting to see how SYR fares before I was prepared to risk any capital.

SYR starting making MOU off take agreements in 2014. Produced spherical graphite from a pilot plant same year.
Shares on issue 164m. Mkt cap @$575m
Lost count of cap raises. Been a few.
Shares on issue now 670m. Mkt cap @417m Haven't even factored in what Aus super might do.

Happy to hold, will even top up when the time is right. I fortunately have had a few opportunities to buy at some pretty cheap prices over the years so happy to be patient.
The newbie startups, they need the environment to change and a whole lot of time! Meanwhile dilution will be a killer.