SYR charts, page-59

Quechee

I agree with you the marketss project 6 month or more ahead. However the markets assume that management will or be close to their projections. My concern is I do not believe Syrah will meet their 2018 projections of being "Cash positive by year end 2018" and "Sell 160,000/mt in 2018 the low end of their orginal sales volume projection" The net result is Syrah will burn thru their surplus working Capi and thus need to raise more funding in next 6 months. Thus I believe once Syrah admints that their projections were incorect the share price could decrease more.

Syrah is a difficult company to value since we do not know their value of their vanaduim reserves and the potential future vanaduim business value. If I just consider their graphite business and the new start up non coated battery anode business Syrah is very much over valued The projected EBIDTA on graphite does nort support their market value.