Highly unlikely a T/O is going to occur anytime soon. IMO the SP...

Highly unlikely a T/O is going to occur anytime soon.
IMO the SP is very likely to drop further.

If anything I see another CR coming this year, depending on final expenses for the plant and process improvements and expansion of the BAM plant.

SYR will continue to burn cash until they cut production to 20K TPA and get the BAM operation up to the same capacity.  This will still be costly exercise and will take considerable time to implement.

Burning approx $8M per quarter is not sustainable plus the added expenses required to carry out the required upgrades and necessary improvements to the plant and plant processing as well as any additional BAM capacity.

Simply will not be profitable anytime soon as they have NO Free Cash Margins.
Its all about Free Cash Margins and sustainability and SYR simply doesn't have any, and it never did.

Wont be long before the Graphite Sector sees a debt funded Expandable Graphite Project that will actually provide Graphite Investors the ability to see an actual profitable Graphite Project, just not in the Battery Market.

Comments made last year on the WKT thread
https://hotcopper.com.au/posts/41670364/single