Most mining companies at this stage are dependent on forward...

Most mining companies at this stage are dependent on forward PEs... and there are a few pluses that will hopefully unfold in the near future that will further enhance valuation. Spherical graphite is the obvious one together with increased production whilst avoiding supply.

I think Syrah will be taken over in a year or two - once the graphite is sorted out, then the Vanadium is there to be processed from the tailings. The Vanadium remains on the backburner... and I havent gone back and looked but I suspect that the Vanadium price has at least doubled since then.

Here is the Vanadium scoping study:

http://www.syrahresources.com.au/investors/downloads/239

And some recent Vanadium comments:

https://**promotion blocked**.com.au/vanadium-stocks-asx-ultimate-guide/
Syrah Resources (ASX: SYR)

Known for its flagship and recently commissioned Balama graphite mine in Mozambique, what few punters may remember was the project’s vanadium prospectivity.
Up until 2015, Syrah’s flagship project was known as the Balama graphite and vanadium project in Mozambique.
In mid-2014, Syrah finalised a scoping study that explored producing vanadium in conjunction with graphite at Balama. Metallurgical test work during the study produced a 99.9% pure vanadium pentoxide.
At the time, the project’s resource was 1.15 billion tonnes grading 10.2% total graphitic carbon and 0.23% vanadium.
According to Syrah, the Balama vanadium resource is four times larger than the world’s largest operating vanadium deposit in South Africa.
The scoping study revealed up to 255,000tpa of V205 could be produced for 20 years after an US$80 million capital expenditure and generate annual EBITDA of US$85 million.
In mid-2015, in its final feasibility study for Balama, Syrah reported it would progress the vanadium resource to a full feasibility study once the graphite part of the project had been commissioned.
While mining Balama graphite, the vanadium-bearing concentrate will be stored as tailings.