Running with your conclusion, if all of Syrah's sales occurred...

Running with your conclusion, if all of Syrah's sales occurred on the last day of the year each year (extreme seasonality), they'd need a USD$50 million revolver to prudently/comfortably navigate working capital needs in the first 12 months. I don't see seasonality as a big risk, it's purely a management issue, put the right line of credit in play to manage working capital needs. My guess is they'll probably draw down USD$20-30m on the revolver in the first 12 months before strong operating cash flows commence.

A comparable miner in Mozambique raised a significant amount of debt in the last few years, carrying USD261m on their balance sheet in 2015's annual report, so I don't see raising debt (beyond the revolver) as being an issue once operating cash flows, which will be significant, are in play. Syrah's CFO on the recent call said that they'd received multiple offers for a revolver. No doubt the initial fee is hefty (>USD$1m) and they're trying to minimise it as much as possible by shopping around.

In the second year and onwards, operating cash flows are large/increasing and will allow the company to (1) fund operations, (2) fund capex for BAMs, (3) service debt required for the BAMs which will produce more operating cash flows et cetera.