Opportunities arise for African graphite suppliers, page-29

Pepper a mechanism of pricing will be determined by the spot price.Currently SYR maintain a strangle hold on pricing with over 300 Thousand ton of uncontracted material narrowing margin curve.This will eventually be reflected in contract pricing not predictive pricing from robust DFS assumptions.Going to get ugly....

Our strength is by material being limited in nature along with other advantages such as high grade from surface reducing thru puts combined with selective mining.This has reduced our startup capex and mitigated early risk while also having limited RAP implications.To have a project so many multiples in efficiency to peers places us in our own class."It was right to leave us off the peer comparison"

It is noted that disaffected persons does not discriminate by numbers while ours is limited to a few huts and some cashew trees.

Croc