we need a bit, page-4

Gosouth, with most potential mine developments, what you are saying is quite correct, and the two options you propose are appropriate.

But, in the Balama case, the size of the resource, and the quantity of rich, easily accessible ore, together mean that a third option exists - one which combines the best features of both the first two.

How can this be?

Fundamentally, the aim of the Scoping Study is to establish that an economic mine is likely to be feasible. A JORC-compliant measurement merely describes the quantity of ore in a certain area, at a given level of confidence.

So a reasonable Balama solution would be to focus on a small section of the orebody, such as the Ativa and Mualia zones at Balama West. Current data indicates that these two relatively-small areas contain more than 150 million tonnes of ore, at 17% graphite.

That's enough to meet ALL the current world demand for more than twenty years! (And much more than enough to go to a bank for funding of the development)

So completing a valid and acceptable Scoping Study needs only sufficient in-fill drilling to achieve "Indicated" Status (in JORC terms) in those areas.

The rest of the resource - likely to be close to a billion tonnes more, just based on what we know already - can be defined in a leisurely fashion, over the next couple of decades.

In the meantime, SYR holders can sit back and enjoy their dividend flow.

Cheers, Prime