# SYR - Syrah Resources



## bryan_palmer (9 October 2009)

Thought I'd start a post on this little explorer. Up 56% today. Recent news about a JV deal and exploration in Saudi Arabia. Still early days though.


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## BuffetJr (12 October 2009)

Hi Bryan

Big write up on SYR by Garimpeiro (Barry Fitzgerald) in today's Age newspaper too gave it another boost...wrote up Citadel as well, another company operating in Saudi Arabia.

Big difference between SYR and CGG is SYR just starting to move. Only 30 million shares on issue gives it a market cap of diddly squat...compare that to CGGs market cap of OVER $600M !!!!!!

Been a holder in SYR since the float, and have been accumulating up to 10c.

BuffetJr


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## bryan_palmer (12 October 2009)

BuffetJr said:


> Hi Bryan
> 
> Big write up on SYR by Garimpeiro (Barry Fitzgerald) in today's Age newspaper too gave it another boost...wrote up Citadel as well, another company operating in Saudi Arabia.
> 
> ...




Been holding since the float?!! Your faith in the company must have been shaken when it hit 2.5 cents! How long has Citadel been in Saudi Arabia for?


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## BuffetJr (13 October 2009)

Bryan

Their IPO was unfortunately timed with the GFC hitting it very hard. Obviously watching the initial investment almost go up in smoke wasn't pleasant.  But it wasn't my only investment that had a similar hit.

However I know the MD Alistair Campbell quite well (regular drinking buddy), including from his days at Pan Australian (he's a mining engineer by background), and when he ran his private company which assisted companies like Integra with their resource delineations. I know he is a hard worker and knows what he is doing, and wont destroy the company on assets if he doesnt think they are any good, hence why he rejected the White Dam project and the JV with Stratatex in Turkey and the reason why they still have only 30M shares on issue and cash of $1.8M. So I was never really fussed knowing he would try his best to not only recover the lost ground, but be very successful.

Given the amount I bought since up to 10c (more than double my original float investment), I am well up given the recent spike  Hopefully it keeps going. Its market cap is still only a measly $5M at a 16c SP and I see no reason why it can't be at least double that based on their Saudi Arabian activities.

BuffetJr


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## BuffetJr (15 October 2009)

Well it got to DOUBLE today so I guess i should rephrase my last post and say that I cant see why it can't be QUADRUPLE that 

Have to admit I'm a little surprised it's gone this hard...would love to know where the buying has come from but surely it will run out of puff soon. I have cash waiting to buy up if it does weaken because I expect they will release details of what they have applied for at some stage...who knows what the market will do with it then, particularly if Barry Fitzgerald writes it up again on a monday with this new detail.

Of course they could wait until they actually have the licences granted to provide detail, but it would make sense to give the market some information beforehand.

BuffetJr


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## gdavies2 (6 March 2011)

wow, it's looks like some people here have been waiting a long time for the licence applications in KSA to be granted.  It's probably no consolation but other companies have had the same wait, the only difference being that companies like kefi in the uk seem to have had a lot more investor interest and the the share price has moved more than Syrah's.  Hopefully the wait for the first licences will be over soon and the exploration can begin.


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## gdavies2 (31 March 2011)

*announcement - more cash - more shares*

I wondered why the price had moved a little bit this week. Glad to see they've got some more cash, just a shame the Saudi exploration licences are taking so long to come.

ASX ANNOUNCEMENT 
25 March 2011 
Placement of Shares 
Syrah Resources Ltd (ASX:SYR) is pleased to announce that it has received binding 
commitments for a placement of 5,175,000 ordinary shares to professional and 
sophisticated investors. 
The placement was conducted at a price of $0.105 per share and will raise $543,375 
before costs. 
The placement is equal to 15% of the existing Syrah shares on issue and will not 
require shareholder approval. 
The funds will be utilised as working capital to continue business development in 
Saudi Arabia where the Company currently has 27 applications for Exploration 
Licences in progress. The funds will also be utilised to support ongoing evaluation of 
new opportunities. 
Alistair Campbell 
Managing Director 
Syrah Resources Ltd


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## gdavies2 (20 June 2011)

Looks like the DMMR in Saudi have finally found their rubber stamp as Kefi have been granted an exploration licence.  Hopefully Syrah's first one won't be too far behind.


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## chakvetadze (27 January 2012)

Sweet deal for Jacana holders. An unlisted company worth net assets of $400K ends up vending into SYR for $4.5M. Nice ten bagger for the Jacana holders who just happen to include a broker from Shawstock. His interests have ended up with 15% of SYR for what appears to be an initial $100K investment in Jacana. 
Wonder how much Jacana paid for the African assets?


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## Chasero (29 February 2012)

chakvetadze said:


> Sweet deal for Jacana holders. An unlisted company worth net assets of $400K ends up vending into SYR for $4.5M. Nice ten bagger for the Jacana holders who just happen to include a broker from Shawstock. His interests have ended up with 15% of SYR for what appears to be an initial $100K investment in Jacana.
> Wonder how much Jacana paid for the African assets?




The share price keeps going up 

crazy stuff... I wonder if anyone on ASF holds this stock.


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## chakvetadze (11 March 2012)

I own a few. Market cap is crazy but will probably go higher as it's being pumped by a broker from Shaw. The said broker owns about 15% of SYR. Of course he's going to pump it. This is trading on a market cap of about $75M more than what was paid to the African interests. Way overvalued but I reckon a pump to $1 is on the cards and then my small holding will be sold. Cap raising a certainty at that stage.


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## Chasero (21 April 2012)

chakvetadze said:


> I own a few. Market cap is crazy but will probably go higher as it's being pumped by a broker from Shaw. The said broker owns about 15% of SYR. Of course he's going to pump it. This is trading on a market cap of about $75M more than what was paid to the African interests. Way overvalued but I reckon a pump to $1 is on the cards and then my small holding will be sold. Cap raising a certainty at that stage.




I feel so stupid now.

Price at Feb = 50c. (5 bagger in a few short months, hence I didn't buy... sigh)

Price now = $1.00

You were right with your call. Gotta learn to just trade to what the market is saying. Also too scared of a C/R to buy in now.

20 Apr 2012 	1.000 	10.5% 	1.025 	0.910 	914,415
19 Apr 2012 	0.905 	1.69% 	0.940 	0.870 	874,307
18 Apr 2012 	0.890 	11.95% 	0.890 	0.840 	365,286
16 Apr 2012 	0.795 	6.71% 	0.795 	0.730 	174,098
13 Apr 2012 	0.745 	10.37% 	0.745 	0.700 	227,500

Look at those gains in the last 5 days.

nvm, C/R complete already? Re 11 april announcement.


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## Chasero (23 April 2012)

And still running.

Took a position today.


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## basilio (27 April 2012)

It is an impressive story. There is an article on the Syrah website which was produced  by the Diggers and Drillers newsletter outlining the  market for graphite and the (potential) size of the ore body they have found.  Good reading.

Incidentally another company CSE  (Copper Strike)  is effectively a proxy buy for SYR . It holds 11m shares and has common directors and offices. It has also had an excellent run in the past few months and should track SYR SP.  

http://www.syrahresources.com.au/SYR Diggers and Drillers News Release.pdf


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## chakvetadze (30 April 2012)

Sold a small parcel at $1.30 but still hold more than a few. If they've got what they think they've got, this will have a $4 in front of the share price by year end. The more I research the flake graphite market the more I understand the significant upside.


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## Chasero (30 April 2012)

chakvetadze said:


> Sold a small parcel at $1.30 but still hold more than a few. If they've got what they think they've got, this will have a $4 in front of the share price by year end. The more I research the flake graphite market the more I understand the significant upside.




Flake graphite.. seriously the amount of research into it and publicity has gotten into overdrive.

Shale and oil.. BRU etc going to be left in the dust.

April and May is all about graphite it seems... these graphite stocks axe cse syr.. anyone know anymore?


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## chakvetadze (3 May 2012)

Both SYR and CSE in trading halts pending material "transaction" involving exploration assets.

High quality premium medium/large flake graphite sells for $3000/tonne. The production costs for Syrah will be so cheap. It's outcropping and high grade with incredibly low strip ratio. Wages will be extremely low. One would think production cash costs would be less than $300/t. That's some profit margin at $3000/t.
With such a low strip ratio and high grade, production of at least 100,000 t per annum will be realistically achievable.
After tax and royalties, SYR could be pulling in around $200M per annum profit. With a very long mine life and the capacity to "be the market" in flake graphite, a P/E of 10 would be conservative. That would price SYR at around 2 billion market cap or $16 per share based on 125M shares on issue. Certainly gets the taste buds tingling. I'll be happy with half that! LOL

CSE is one to watch, especially after we hear the details of the current "transaction". It's market cap is tiny and it's tightly held. This stock which SYR was spun out of could be a multi bagger. I hold.


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## basilio (23 May 2012)

Excellent initial drilling result.  Graphite all the way down at high grades.  

A very bright spot on a dismal day.

http://newsstore.fairfax.com.au/app...rkets.theage.com.au/apps/qt/quote.ac?code=syr


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## skc (23 May 2012)

basilio said:


> Excellent initial drilling result.  Graphite all the way down at high grades.
> 
> A very bright spot on a dismal day.
> 
> http://newsstore.fairfax.com.au/app...rkets.theage.com.au/apps/qt/quote.ac?code=syr




Still trying to pick up my jaw from the floor on that price action...


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## basilio (23 May 2012)

I think Chakvet summed up the situation very well in his last past.

With basically a mountain of easily accessed, high grade  graphite SYR and CSE should move very smartly into production and world class miners. Should be many happy returns !

_(I don't think I would like to have shares in other graphite miners in the next 12 months..)_


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## Buckfont (23 May 2012)

Well done kenny. It was a toss up between SYR and TLG. Enough said


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## skc (23 May 2012)

100% rise is not a bad effort at all. It even dragged AXE up 10%. 

For the record, SYR drilled a great hole in Mozambique. AXE is drilling in South Australia.

That's stretching the concept of "nearology" a bit too far, isn't it?


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## suhm (23 May 2012)

I much prefer TLG, market cap is much smaller and closer to a JORC resource with infrastructure nearby to bring the deposit online but hats off to whoever bought into SYR, 10 bagger in months. Wish there was a graphite producer then I might have caught this craze, not a fan of buying deposits, don't know enough geology or TA to know which one to pick.


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## Chasero (25 May 2012)

Anyone know why everyone is so hot on TLG?

Anyway, another graphite miner being pumped on RADARWATCH is CDT

Big money in 2012 could be on another graphite stock... everyone's trying to find the next graphite minnow that could be the next SYR.

I am not so hot on TLG because I read somewhere they needed a CR within the next 2 quarters. But who knows.

@suhm, JORC or huge commodity deposit anns does WONDERS to a s/p. Not sure why not many ppl hunt for JORC estimate release dates. Just look at what it did to PEK (now down over 70-80% since, but still, that pre-estimate ramping does wonders to a share price)

I think from what i can remember CDT is expecting an ann within 2012 regarding deposits.

Nevermind -	Kambale Graphite Drill Results  

Wow, missed the boat.


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## skc (25 May 2012)

Chasero said:


> @suhm, JORC or huge commodity deposit anns does WONDERS to a s/p. Not sure why not many ppl hunt for JORC estimate release dates. Just look at what it did to PEK (now down over 70-80% since, but still, that pre-estimate ramping does wonders to a share price)




Have you read the posts by a poster called BESBS Player? 

BESBS = Buy Early Sell Before Spud. Similar idea to your JORC. 

The problem with both approach is the uncertainty with respect to timing. Look at what CDU did with their JORC release back in 2010.


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## Chasero (25 May 2012)

skc said:


> Have you read the posts by a poster called BESBS Player?
> 
> BESBS = Buy Early Sell Before Spud. Similar idea to your JORC.
> 
> The problem with both approach is the uncertainty with respect to timing. Look at what CDU did with their JORC release back in 2010.




Oh, so his name is an acronym  I like his style

Uncertainty yes, but I have caught quite a few (with rampers mostly) - THR, PEK, SYR, PRR to name a few. 

Also, can easily be trapped with a C/R or trade really bad trades.. won't bother mentioning these stocks 

Very risky but hasn't turned out too badly so far...


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## chakvetadze (27 May 2012)

I bought more SYR as soon as the 287m hole was announced and jagged them for average $1.39. I bought more on Friday at $1.80 when the large seller (400K)appeared at $1.83. My average is now 88c and anyone can have them at $10.

Personally, I think the only way to play the graphite game is to be in the largest project with with best grade as it's a direct contract market not a spot market like copper or gold. SYR fits the bill. The resource is shaping up as truly gigantic. If one looks at the diagram on their recent announcement showing the drill holes, you can quickly work out the resource is so large they will never need to mine down to that 287m depth. I'd be surprised if they even bother to drill down to 287m on future holes. There's no point.

Like the rare earths bubble, there will only be a couple of serious graphite players standing strong in two years. My cash is betting heavily on SYR.
SYR has the size, grade, metallurgy and will have no problems raising cash to build a plant. I see $1.91 as very cheap still and for those who balk at $1.91, CSE who own 11M SYR shares is an alternative entry into the project at a mere 17c. 

I'll put my head on the chopping block right now and declare SYR will hit $5 before the end of 2012 maybe above $8 if the JORC comes out this year (which I expect).
The current market cap is just too cheap...still, based on how large this resource is shaping up to be.


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## chakvetadze (30 May 2012)

In a sea of red across the market, SYR is up another 13% to $2.40 this morning. CSE (who own 11M SYR shares) are also up 13% to 21c.


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## Gringotts Bank (30 May 2012)

What will today's !TH be about?


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## burglar (30 May 2012)

Gringotts Bank said:


> What will today's !TH be about?




IMO
They have insufficient Cash in Bank. It is my guess they are doing a C/R.


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## Gringotts Bank (30 May 2012)

Will that hurt the SP?

I'd like to get some at a decent price if possible.  Holding none right now.


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## basilio (30 May 2012)

burglar said:


> IMO
> They have insufficient Cash in Bank. It is my guess they are doing a C/R.




For real!! Please mate, check out SYR's history.  They are well cashed up.

They will be making an announcement on the drilling at the Balama  graphite drill. It will just more of the same - limitless high quality graphite .

The reserves volume will be meaningless after the first billion tonnes.

http://newsstore.fairfax.com.au/app...theage.com.au/apps/qt/quote.ac?code=syr&f=pdf


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## chakvetadze (30 May 2012)

They raised $6M at 60c not long ago. Don't need anymore cash. Fully funded for the rest of the 2012 drilling program.
The trading halt is in relation to more drilling results.


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## chakvetadze (30 May 2012)

basilio said:


> For real!! Please mate, check out SYR stuff.  They are well cashed up.
> 
> They will be making an announcement on the drilling at the graphite drill. It will just more of the same - limitless high quality graphite .
> 
> The reserves volume will be meaningless after the first billion tonnes.




I agree. What we will see by year end is a JORC on the two high grade zones. The entire resource (7km X 2km) will contain billions of tonnes of ore. The initial JORC will probably be "small" and very high grade all from surface. Probably 200M tonnes at 15%+. That will make that "small section" the 2nd largest JORC resource on the planet capable of supplying 30+ years of flake graphite.


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## Gringotts Bank (30 May 2012)

The build of buyers pre-open looks great for holders, not so good for me wanting to get some of the action.  

Not sure how this will play out.


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## burglar (30 May 2012)

Gringotts Bank said:


> Will that hurt the SP?
> 
> I'd like to get some at a decent price if possible.  Holding none right now.




HI GB 

I am holding none, so I am not qualified to post here.

My experience is that a company will pump the SP (Share Price) before a C/R (Capital raising) in order to reduce/minimise the dilution! Also allows for attractive premium.

Two big factors on SP are market conditions (currently whipsawing) and shareholder sentiment. This one is currently a "market darling". It may be one of few companies which can run strong through a cap raising.


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## basilio (30 May 2012)

Gringotts Bank said:


> The build of buyers pre-open looks great for holders, not so good for me wanting to get some of the action.
> 
> Not sure how this will play out.




The interesting part will be how quickly SYR can get into graphite production. Given the current results I would have thought they would be already have a team quietly sizing up plant location. costs, transport, off take agreements ect.


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## skc (30 May 2012)

burglar said:


> HI GB
> 
> I am holding none, so I am not qualified to post here.
> 
> ...




The trading halt request says interim drilling results so you've got to take that to be the case at this stage. Cash at bank ~$6m after the Apr placement so there's no immediate for cash. Whether they decide to get a little bit more cash in is another matter.

Looking at the way prices held up very well after the initial burst suggests this is not a one-off pump and dump capital raising ploy. The market cap is well ahead of actual prospect of making money, but either the share price can come down or the facts can catch up to the price.

Now... what's the global annual demand for pencil lead last year?


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## burglar (30 May 2012)

skc said:


> The trading halt request says interim drilling results so you've got to take that to be the case at this stage. Cash at bank ~$6m after the Apr placement so there's no immediate for cash. Whether they decide to get a little bit more cash in is another matter.
> 
> Looking at the way prices held up very well after the initial burst suggests this is not a one-off pump and dump capital raising ploy. The market cap is well ahead of actual prospect of making money, but either the share price can come down or the facts can catch up to the price.
> 
> Now... what's the global annual demand for pencil lead last year?




OK. Apologies to all. I was looking at cash in bank at the begining and end of previous quarter.
Could not see a report for apr placement, ... so I jumped to wrong conclusion!!


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## chakvetadze (30 May 2012)

They've got heaps of cash to drill all year until the wet season. JORC will be out at the end of the year. 
Awaiting Friday for the drill results of holes 2 and 3.


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## basilio (30 May 2012)

Always interesting going on a learning curve with a new product.

Came across a story which  offer some balance to the some of the current hype in the industry.

http://jutiagroup.com/20120529-dont-tip-the-balance-on-graphite-supply-stephen-riddle/


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## basilio (31 May 2012)

I think SYR will need to be very careful and strategic with its approach to developing what will be a  seemingly limitless supply of  high quality graphite at very competitive costs.

I just cannot see how the Chinese or indeed any other country will allow a single dominant supplier to take over the marketplace. With that in mind I think SYR will end up as a significant but not necessarily  totally dominant supplier in the market.  Perhaps up to 100,000 tonnes a year max.

What could change this situation would be a long term strategy of SYR to research and promote the potential of graphite and associated minerals in a range of industrial technologies. By tacitly offering a guaranteed supply at a steady price they could stimulate a range of uses that are currently at a research stage and guarantee a steadily expanding market

The other excellent opportunity SYR has are the heavy mineral sands in Tanzania.  I think they could easily develop them from the early graphite cash flow and widen the profitability of the company without disrupting the overall price/supply structure of the graphite industry.  Any thoughts


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## skc (31 May 2012)

basilio said:


> Always interesting going on a learning curve with a new product.
> 
> Came across a story which  offer some balance to the some of the current hype in the industry.
> 
> http://jutiagroup.com/20120529-dont-tip-the-balance-on-graphite-supply-stephen-riddle/




The article suggests the market for graphite isn't exactly massive...



> Generically, I’d estimate global graphite as a $13 billion (B) industry. Natural graphite, however, is a small portion of the overall market””no more than $1B.






> Current demand for natural-flake graphite accounts for maybe 500,000–600,000 tons (t) per year.






> It’s good that there are plenty of deposits of graphite outside of China. The world is more than covered for the next 100–200 years as demand grows for natural-flake graphite. On the other hand, most of these companies will not make it to the table because the demand won’t grow fast enough for all of them to get into the business.


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## Gringotts Bank (31 May 2012)

I'm so glad I didn't buy on the breakout day.  :homer:

Who needs +55% in 6 days on high volume?  Not me.


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## chakvetadze (31 May 2012)

Still holding all my SYR and CSE. Far too cheap to be selling just yet.


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## pavilion103 (1 June 2012)

Will be interested to see how this plays out in the short term. Looks like some selling off.


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## chakvetadze (1 June 2012)

Nothing goes up in a straight line. Both stocks have run hard. I'm still holding.


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## burglar (4 June 2012)

HANG IN!


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## chakvetadze (4 June 2012)

SYR held up pretty well considering the run it's had. Bought more at $2 on opening and added some CSE at 17c later in the morning.


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## chakvetadze (5 June 2012)

_*"We always say the drill bit is the lie detector, well the first 3 holes provides the proof that its not a fairytale so you have no excuse for missing out now. Everything else from here on is simply the stuff required to get it to reportable standards"*_

The above posted on another blog says it all.


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## prawn_86 (5 June 2012)

Not much info in this thread. What do these guys actually explore for? And what is their long term goals?

3 drill holes could easily be an anomaly or a very small area. Sure they might have product, but is there enough there to mine? I have seen plenty of stocks have a few good holes and then never get anywhere after that


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## basilio (5 June 2012)

prawn_86 said:


> Not much info in this thread. What do these guys actually explore for? And what is their long term goals?
> 
> 3 drill holes could easily be an anomaly or a very small area. Sure they might have product, but is there enough there to mine? I have seen plenty of stocks have a few good holes and then never get anywhere after that




Thats a very surprising comment Prawn. The three drills holes have  confirmed 280 plus metres of high grade graphite.  They come on the top of extensive surface trenching which confirmed high grade graphite over many kilometers.

This will be the largest graphite resource yet found. The questions now are

 how quickly can it be mined; 
will there be other significant  competitors (including new explores); 
how will the current high price of graphite hold up with such a huge resource and 
what will be the response of other current graphite producers.


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## prawn_86 (5 June 2012)

basilio said:


> Thats a very surprising comment Prawn. The three drills holes have  confirmed 280 plus metres of high grade graphite.  They come on the top of extensive surface trenching which confirmed high grade graphite over many kilometers.
> 
> This will be the largest graphite resource yet found. The questions now are
> 
> ...




Im not saying there isn't a resource, and i dont know anything about graphite, but i am not aware of any mines that have gone ahead on 3 drill holes, so depending on the structure/layout it could still possibly not be feasible imo.

I agree with all your other questions and it isnt easy for a company to progress sucessfully from exploration to mining a resource


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## burglar (5 June 2012)

prawn_86 said:


> ...  it isnt easy for a company to progress sucessfully from exploration to mining a resource




Might get swallowed by takeover or merger!!


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## burglar (8 June 2012)

chakvetadze said:


> ... the first 3 holes ...




Mmmm!! First 3 holes, ...


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## prawn_86 (15 June 2012)

Actually had these guys mentioned (not as an investment) yesterday, so i did some reading. Yes their graphite resource has the potential to be huge, but to me they seem to be very early stages and a 300m market cap for a resource with 3 holes seems a bit extreme to me.

Plenty of co's with MC's under 300m that are turning profits, although the market isn't always rational...


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## Vader (15 June 2012)

prawn_86 said:


> Actually had these guys mentioned (not as an investment) yesterday, so i did some reading. Yes their graphite resource has the potential to be huge, but to me they seem to be very early stages and a 300m market cap for a resource with 3 holes seems a bit extreme to me.
> 
> Plenty of co's with MC's under 300m that are turning profits, although the market isn't always rational...




It's a bit more than three holes... the ore body breaches the surface, and on top of the (4) drill holes, they've dug something like 8 or 9 trenches at varying depths between 1m and 20m over hundreds of metres... I don't think there is a lot of doubt over the size of the ore body and while I'm sure there will be pockets of lower grade graphite in there, I think there is a fair bit of justification to support current estimates, especially given how low cost the mining process should be to get the stuff out.


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## prawn_86 (15 June 2012)

So what sort of profits are they forecasting? And what effect would a supply that large have on the global graphite market?


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## Vader (15 June 2012)

prawn_86 said:


> So what sort of profits are they forecasting? And what effect would a supply that large have on the global graphite market?




I think the biggest concern at present is how long it will take to get all their mining permits in place - from what I've read it took 2 years to get their exploration permit sorted out. Presumably they still need to go through a feasibility process and get their mining license and all that, so there is a reasonably high risk that could drag along in a similar fashion.

I didn't catch SYR in time to jump on the big kick up like others here, but I did buy a few shares in CSE last week at 18c, which gives me a nice little sideline interest in it to see how things pan out. At current prices, CSE have no debt, about 3m cash in the bank and own 11m shares in SYR... so a market cap of 22m and assets of 30m and two common directors with SYR. At this stage I've got no real opinion on how well SYR will progressing to the mining stage, but have confidence that CSE will manage their asset well and cash out if there are signs of concern (based on their good decisions - and returns to shareholders (a large portion of whom are the directors)  when they sold off their exploration leases last year).


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## burglar (15 June 2012)

Vader said:


> I think the biggest concern at present is ...



Hi Vader,
I feel like wading in here!

I like your postings! 
Factual and balanced.

My biggest concerns are about the company being able to reach production 
(they are in Mozambique!)
and then choke the supply to prevent the graphite price from crashing.

Meanwhile newbies are buying in during fevered speculation stage!
I'm not saying don't do it. I am saying be careful.


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## chakvetadze (17 June 2012)

Some good posts here but one point I think is lost on most is the graphite price.
SYR's resource is so large and their predicted costs of production so low, the graphite price is not actually that important. Well, it's important to a degree but premium flake graphite currently sells for approximately $3000/tonne.
SYR will make truckloads at a graphite price of $1,500 let alone $3000.
The graphite market is not a spot market. It's direct agreement between suppliers and buyers. If you've got the largest resource and the lowest costs (remember the strip ratio at Balama will be zero) you control the market.
The Chinese control the amorphous graphite market but not the flake graphite market.


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## burglar (23 July 2012)

Balama Update:

http://www.asx.com.au/asx/statistics/displayAnnouncement.do?display=pdf&idsId=01315607


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## pixel (23 July 2012)

burglar said:


> Balama Update:
> 
> http://www.asx.com.au/asx/statistics/displayAnnouncement.do?display=pdf&idsId=01315607




bad timing: Market didn't care today, smashed the news regardless.


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## burglar (23 July 2012)

pixel said:


> bad timing: ...




This often happens.

Is it that Directors don't know or that they just don't care?


----------



## basilio (30 August 2012)

That was a very painful response to the latest drill results.

A quick jump to 3.10 and then POP!! - down to 2.67 on close.  Has the bubble burst on SYR? Are there simply too many companies finding moutains of graphite ? What will it take for SYR (or any of the competitors) to mine and make a profit from their discoveries?


----------



## prawn_86 (19 October 2012)

Does anyone know how much they intend to spend on the drilling of Balama? I can see they raised capital recently, but didnt give the split of exactly how it will be spent


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## basilio (21 January 2013)

Big surge on SYR today.  Currently up  26c to 3.14 (all time high) . JORC announcement should be imminent.  Be interesting to see if there are any off take announcements in the wings as well..


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## prawn_86 (23 January 2013)

Maiden JORC released today. It is one hell of a deposit with a lot more to come by the sounds of it. Can they succesfully transition into selling into a small market? Or will they look to sell the company off?


----------



## basilio (4 April 2013)

So what is happening to SYR  ?  Practically 50% drop in SP in a few days on no news at all ?  Currently $1.895.

Unnerving...


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## basilio (9 April 2013)

Still dropping like a stone. Currently 1.69 with an anchor..

This is absolutely crazy stuff.  There is  absolutely no indication that anything has changed with the size/quality and  value of SYR graphite/vanadium holdings. If I understand correctly from another site it seems that the SP crash is happening as consequence of shortsellers attempting to profit from a series of mini warrant positions..



> Saw identical behaviour with IAU last year. Yes, it's all about shorting and driving the price down to trigger mini warrant stop losses.
> The warrant holders lose everything (Yep 100% loss) and the "issuer" has to sell stock at the stop loss price to close out the trade. "Someone" ends up with millions of SYR at rock bottom prices.
> Pretty sure there were about 10M mini warrants issued.




From my perspective it looks like market manipulation.


----------



## prawn_86 (9 April 2013)

I dont know much about warrants, but im pretty sure the other site you are referring to is full of conspiracy theorists who always blame shorters for any form of stock fall.

Could it be a case of the warrant issue creating a floor price and the stock naturally gravitating there similar to how it generally does with a capital raising?

Would love input from SKC, McLovin etc as to if the proposed theory makes sense.


----------



## pixel (9 April 2013)

basilio said:


> Still dropping like a stone. Currently 1.69 with an anchor..
> 
> This is absolutely crazy stuff.  There is  absolutely no indication that anything has changed with the size/quality and  value of SYR graphite/vanadium holdings. If I understand correctly from another site it seems that the SP crash is happening as consequence of shortsellers attempting to profit from a series of mini warrant positions..
> 
> From my perspective it looks like market manipulation.




Hi Basilio;

You can't say nothing has changed when there is a gigantic elephant standing right next to you: *The share price has changed! *Whether it's market sentiment, people's perception of value, or their wish to take some of the profit off the table - doesn't matter.

Talk about manipulation is as old as trading. It's human nature.
Whenever someone's expectation about the future fails to be fulfilled, we tend to blame it on some devious inimical interference. Because *"I couldn't POSSIBLY be wrong!" *

The Greeks had their Gods to blame; in the Middle Ages it was witches and their cats; and now it's the evil institutions and short-sellers.

There is only one remedy: 
•	Recognise when your assumption turns out no longer to apply.
•	Don't whinge that you're now only half as wealthy as you could've been.
•	Remain unemotional and reassess the situation day by day, week by week.
•	Then take appropriate action *before *you've lost a significant part of your net worth.


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## Trembling Hand (9 April 2013)

basilio said:


> From my perspective it looks like market manipulation.




You would have to say that that is BS. There is only 0.3% of issued shares sold short. If that is manipulation I want in on that game.......


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## McLovin (9 April 2013)

prawn_86 said:


> Would love input from SKC, McLovin etc as to if the proposed theory makes sense.




Don't really know much about warrants. Seems strange that someone would go to the effort of shorting a stock with a $270m MC for the sake of flushing out a few leveraged retail customers who probably have a couple of million bucks exposure, max. How much of the stock is short anyway?


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## Boggo (9 April 2013)

pixel said:


> You can't say nothing has changed when there is a gigantic elephant standing right next to you: *The share price has changed! *Whether it's market sentiment, people's perception of value, or their wish to take some of the profit off the table - doesn't matter.
> 
> Talk about manipulation is as old as trading. It's human nature.
> Whenever someone's expectation about the future fails to be fulfilled, we tend to blame it on some devious inimical interference. Because *"I couldn't POSSIBLY be wrong!" *
> ...




Excellent post pixel.
That is the cold hard reality of trading, get out, discard and move on, anything more than that is an attempt to justify a faulty psychological approach to a volatile business !


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## skc (9 April 2013)

prawn_86 said:


> I dont know much about warrants, but im pretty sure the other site you are referring to is full of conspiracy theorists who always blame shorters for any form of stock fall.
> 
> Could it be a case of the warrant issue creating a floor price and the stock naturally gravitating there similar to how it generally does with a capital raising?
> 
> Would love input from SKC, McLovin etc as to if the proposed theory makes sense.




The share price has really started to fall since Apr and the volume is ~13m... it doesn't seem to make much sense to smash the share price using 13m shares so they can make money on 5m warrants.

I don't know much about warrants, but I doubt these instos sell them naked. Their risk would potentially be unlimited. If they hold the underlying to hedge their issue (and they profit only from the transaction and interest etc), what's the incentive for them to trigger the stop?  Credit Suisse holds ~12m shares and that hasn't changed as far as I know.

Anytime you find yourself blaming manipulation, ask yourself "If I am so sure this is manipulation, then why am I being manipulated?" If the company is good - other instos and investors will jump on board quickly after any stops are deliberately triggered. 

Anyway, I am surprised the graphite fad lasted so long anyway - SYR might be just catching up to the end of the fad.


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## Country Lad (9 April 2013)

prawn_86 said:


> I dont know much about warrants, but im pretty sure the other site you are referring to is full of conspiracy theorists who always blame shorters for any form of stock fall..




Let me set the scene with 2 holders of the stock.

The first one has the person sitting at screen watching the price fall saying to himself "goodness me, the price is falling".  Then again and again,  "it is still falling maybe I should buy more, they look cheap now.  Yes, that's it, I'll average down."  Followed a few days later by "that's a huge fall now it can't be my fault I am losing money so it is those rotten manipulators shorting the stock".

The second holder sitting at the screen saying "hmm, interesting movements going on, trading is very much on the sell side, market sentiment turned negative, I'll review my stop."  Followed by "There goes my stop, all sold. On to next trade."

Substitute the above for nearly every stock that falls unexpectedly.

Cheers
Country Lad


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## Vader (9 April 2013)

I'll put another theory out there... we know that CSE (who share some board members with SYR) hold 11m shares, which in the current situation is just under 5% of SYR shares. We also know that they have said in their quarterly reports that they are potentially on the lookout for suitable exploration acquisitions if they find something good and the terms make sense... they also have a history of returning sales proceeds back to their shareholders as a capital reduction payment (last done just over a year ago).

...so, question for you - if they are selling off part or all of their 11m shares, do they need to report it anywhere (other than the next CSE quarterly report) now that share issues by SYR over the last several months have pushed their holdings below 5%?

...there have also been some cheap options cashed in lately, which could explain some of the sell off too.

The volumes haven't been all that high - especially if it turns out to be CSE cashing out. I'd say it represents a nice little buying opportunity, but there always has to be a chance that it's something more sinister.

EDIT: From the most recent CSE half year report on March 1st:



> *Activities *
> 
> Copper Strike’s strategy has been to complete a share-based transaction that will effectively utilise the
> Company’s assets and expertise. This has not yet occurred because Copper Strike’s main asset is 11
> ...


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## basilio (9 April 2013)

In a previous post I discussed the possibility that the collapse in SYR SP was due to market manipulation by companies that had sold mini warrants.

This discussion has been explored in detail on another stock forum and I don't really feel like copying and pasting the comments from posters on that site. But  I do think its worth following in the context of understanding what may be happening in the marketplace.

The forum is Share Scene.  (Hope this is not considered inappropriate.)


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## skyQuake (9 April 2013)

What a massive load of bs on the other forum. 

To say shorters are driving down the price of a stock to bust warrant holders is nonsense. Warrants don't work that way.  10m warrants issued doesnt mean 10m warrants have been actually sold. Issued =/= open interest, unlike options. Generally most of the volume is done on market thru market makers after the warrant has already been issued. Right now there aint many people in the warrants to make it worthwhile to "manipulate." Plus as skc said, the marketmakers hedge and gain nothing. 

Combined warrant volume is about 10% of stock volume. Thats all you need to know right there.

I would also wager a large amount of money Credit Suisse will not chase a few hundred k in manipulation profit at the cost of a few million in ASIC fines + license suspensions + 1000 other instos deciding to squeeze their shorts for 10s of millions.


As for evil short sellers... Total short interest is about 1/2 mil. Which is about 1/4 of a day's volume. Doesn't seem like a credible threat of bashing down a stock that traded 14mil shares in the past 2 weeks.

What this DOES look like is regular insto LONG selling. Yes credit suisse has been the major seller, look at their S1XT crossings (and shaws) post market on the 4th Apr - 6 million shares.  Those crossings were done at discounts to the last price which generally means its the end of a line of stock. They're DONE selling. 
But the people they just dumped the stock to? Looks like weak hands because at the first sign of trouble, they bailed.

We'll get a bounce in SYR when the weak hands have dumped the last of their stock. Considering 6mil got crossed on the 4th and only 3.5mil have traded so far, I'd say wait for the bounce before trying to catch a 2nd handed falling knife.

Also, those conspiracy theorists on the other forums are nuts.


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## Boggo (9 April 2013)

Country Lad said:


> Let me set the scene with 2 holders of the stock.
> 
> The first one has the person sitting at screen watching the price fall saying to himself "goodness me, the price is falling".  Then again and again,  "it is still falling maybe I should buy more, they look cheap now.  Yes, that's it, I'll average down."  Followed a few days later by "that's a huge fall now it can't be my fault I am losing money so it is those rotten manipulators shorting the stock".
> 
> The second holder sitting at the screen saying "hmm, interesting movements going on, trading is very much on the sell side, market sentiment turned negative, I'll review my stop."  Followed by "There goes my stop, all sold. On to next trade."




Trying to work out which group makes a profit and which one starts to quote crystal ball excel spreadsheet numbers


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## prawn_86 (9 April 2013)

Great discussion in here. I dont hold personally i just find it amusing when people blame shorters and like the see the myths busted so to speak


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## basilio (10 April 2013)

Interesting discussion.

FWIW I don't think people on the other forum who think this stock has been manipulated are nuts. I have followed their work too closely to disrespect their capacity to analysis the market dispassionately.

I'm also surprised at members unwillingness to consider the possibility of stack manipulation by larger organizations. I thought one of the things we learnt from the GFC was just just how corrupt the big players were in their pursuit of a dollar.  That doesn't necessarily  mean that has happened here. But  on form I wouldn't ignore the possibility.

My final point. In theory shares should reflect some measure of a companies current and future prospects. In that sense changes "should" be incremental unless very big news  changes the picture. ie a spectacular oil/gold/mineral discovery. In this case however we see a huge collapse in the SP with no rhyme or reason. SYR is not a hopeful prospector. It has the worlds largest, cheapest graphite mine in its hands and is ready to produce within 12-18 months. I still smell a rat.


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## basilio (10 April 2013)

Had to add this comment again from another site.



> For those that are new to the market and still think something is fundamentally wrong with SYR, this snippet from the AFR might be of interest.
> 
> _"Broker Credit Suisse had written four different Syrah warrants, which gave clients the right to buy shares at agreed levels in the future. Each warrant had a stop loss limit, where the warrant could be unwound if the underlying shares passed below a certain mark. Three of the four warrants were wiped out, as Syrah fell through $2.43, $2.11 and $2.10 ... As Warrants unwind, the broker is left holding stock. Credit Suisse had 11.9 million shares at last notice... signalling the potential for a block trade.'"_




Interesting ?


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## prawn_86 (10 April 2013)

basilio said:


> I'm also surprised at members unwillingness to consider the possibility of stack manipulation by larger organizations. I thought one of the things we learnt from the GFC was just just how corrupt the big players were in their pursuit of a dollar.  That doesn't necessarily  mean that has happened here. But  on form I wouldn't ignore the possibility.
> 
> My final point. In theory shares should reflect some measure of a companies current and future prospects. In that sense changes "should" be incremental unless very big news  changes the picture. ie a spectacular oil/gold/mineral discovery. In this case however we see a huge collapse in the SP with no rhyme or reason. SYR is not a hopeful prospector. It has the worlds largest, cheapest graphite mine in its hands and is ready to produce within 12-18 months. I still smell a rat.




In answer to your first point how can anoyone manipulate a stock with only 0.3% of it being sold short? It just doesnt make any sense. To me it looks more like a large holder/s offloading, with no buyers stepping up. Interesting to note no substantial holder changes though.

Your second point has already been discussed. They are sitting on one of the "largest, cheapest graphite deposits" (not mine). BUT, they still have to get the mine built and then sell into an extremely small market while trying to drip feed the market to keep the graphite prices where they are currently. Can the current management succeed in that? History shows that very few explorers successfully transition at all, let alone smoothly, into a miner


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## Boggo (10 April 2013)

basilio said:


> Had to add this comment again from another site.
> For those that are new to the market and still think something is fundamentally wrong with SYR, this snippet from the AFR might be of interest.
> 
> _"Broker Credit Suisse had written four different Syrah warrants, which gave clients the right to buy shares at agreed levels in the future. Each warrant had a stop loss limit, where the warrant could be unwound if the underlying shares passed below a certain mark. Three of the four warrants were wiped out, as Syrah fell through $2.43, $2.11 and $2.10 ... As Warrants unwind, the broker is left holding stock. Credit Suisse had 11.9 million shares at last notice... signalling the potential for a block trade.'"_
> ...




That's how they do business and make money, how do you do it, you certainly won't by analyzing a theory.

If it's not moving in a positive direction then discard it. In my case I couldn't give a fat rats botty what has caused it, that is totally irrelevant.
The are over 1800 FPO shares on the ASX and people get hung up on the internal workings of one - that is the point that most on here are making.
The next 100 trades are what counts.

Country Lad hit the nail on the head in an earlier post above.

My


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## prawn_86 (10 April 2013)

Boggo said:


> If it's not moving in a positive direction then discard it. In my case I couldn't give a fat rats botty what has caused it, that is totally irrelevant.




Not if you are just following the story. From a trading perspective yes, but as someone who doesnt hold any stock and has followed the story then these things are woth discussing, otherwise there would only be discussion on stocks trending up.

It is still part of the learning process to see various different patterns, results and causes


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## Boggo (10 April 2013)

basilio said:


> So what is happening to SYR  ?  Practically 50% drop in SP in a few days on no news at all ?  Currently $1.895.
> 
> *Unnerving...*






prawn_86 said:


> Not if you are just following the story. From a trading perspective yes, but as someone who doesnt hold any stock and has followed the story then these things are woth discussing, otherwise there would only be discussion on stocks trending up.
> 
> It is still part of the learning process to see various different patterns, results and causes




I agree with that prawn, I would however assume from basilio's post (copied above) that he is still holding and further comments would indicate that he has found the culprit that has 'unnerved' him and is therefore responsible for any loss that he may incur.

Maybe I am reading between the lines of his posts incorrectly.


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## basilio (10 April 2013)

Not a fair comment Boggo.

I do have a small interest in CSE (which of course has fallen with SYR) so I follow the shares.

Obviously shares rise and fall - sometimes dramatically. If we are in the spec side of the market  its because we are looking for a quick return.  In that sense we can't be too surprised when shares go  up or down.

I suppose this particular situation has "unnerved" me because there seems no plausible reason for the sharp drop. When this sort of thing has happened elsewhere it often turns out to be some inside knowledge of upcoming problems.We have all  watched that happen.

With regard to SYR there doesn't seem to be imminent bad news. The observations made elsewhere on the fate of mini warrants seems plausible. That doesn't mean I accept it - but I certainly have an open mind.


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## Trembling Hand (10 April 2013)

basilio said:


> With regard to SYR there doesn't seem to be imminent bad news. The observations made elsewhere on the fate of mini warrants seems plausible. That doesn't mean I accept it - but I certainly have an open mind.





Really have you seen how little they trade? Really you conspiracy guys are lazy. They do NO business and you reckon they move the underlying? HOW? They is NO SHORT positions in this.


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## basilio (16 April 2013)

New announcement from SYR.  

They are undertaking fresh drills at the Balama West deposit essentially to see if they can identify a *really* rich graphite hot spot.

Also starting drilling at Balama East which will just show they have squillions of extra tons of high grade graphite.

The money shot however is at the end of release. The scoping study is progressing well and they anticipate release in early May. Also



> Significant progress has been made in securing  off take partners and a statement will be released soon.




http://newsstore.fairfax.com.au/app...Type=0&submit=Search&section=summary&sortBy=0


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## Gringotts Bank (29 May 2013)

Good looking set up at this price.  No breakout yet, maybe tomorrow.  Res 205, 238, 248 etc.


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## basilio (4 June 2013)

Two excellent reports out from SYR. First one covers the development of the infrastructure to construct their graphite mine.  Power, roads, port facilities. All looks as if it will be in place by years end.

Second report analyses the graphite market and in particular what is happening in China. Bottom line is that SYR seems confident of producing and selling around 220k tonnes of graphite in 2015 at around $1500 a tonne. Thats $330 mill gross in the first year. Development costs are believed to be quite low - probably $300 a tonne. 

Lets see where this goes.

http://newsstore.fairfax.com.au/app...theage.com.au/apps/qt/quote.ac?code=syr&f=pdf

http://newsstore.fairfax.com.au/app...theage.com.au/apps/qt/quote.ac?code=syr&f=pdf


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## basilio (4 June 2013)

SYR powering along today. Up  17c on the strength of the recent 2 reports.

In my view the reports were merely a confirmation of what had been understood in the last 6 months - that the Balama mine was huge, easy to mine and should be highly profitable within 1-2 years. 
Makes the last sell  of SYR even more puzzling.  

And just for good measure. The reports made no mention of the Vanadium which will also be mined with the graphite.  That won't be chump change. This should be a $1billion company now


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## prawn_86 (4 June 2013)

basilio said:


> This should be a $1billion company now




How many companies have gone from explorer to producer, with the current management, smoothly without and teething issues or problems? I'm not saying it cant be done, but I can count the number of companies I know of like that on one hand.


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## basilio (4 June 2013)

prawn_86 said:


> How many companies have gone from explorer to producer, with the current management, smoothly without and teething issues or problems? I'm not saying it cant be done, but I can count the number of companies I know of like that on one hand.




Good point Prawn. My observations in this case are that the  production operation appears to be relatively simple. Nonetheless there will need to be particular expertise brought on board. Lets assume/hope the current Board  ave that in hand. And its fair to say that just because the roads and power are being developed they still have to be completed.

I was also impressed with the marketing strategy  outlined by SYR. It seems they will be developing a number of off take agreements between now and 2015 which in effect would pre sell the initial production. 

Of course there may well be other low cost graphite mines also in the wings .  That could be an issue.

But regardless IMO this is a very promising picture.


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## basilio (12 June 2013)

Ouch !!!

The scoping study has come in and someone has a very red face. It seems that despite all the super deep drills with mountains of graphite found the spacings were not close enough to provide the certainty required for the scoping study provider.

So SYR is back to the drill bit to spell out the JORC capacity of their mine. And they had to retract tthe June 4th statement of future sales prospects because they were based on insufficient data.

I don't think there will be any problem with final JORC resolution.   But I am surprised/amazed  that the management did not conduct drills fine enough for the scoping study.

One other piece  of news. The Board has brought on board has hired staff with extensive experience in developing mines. 

Anyone else have any thoughts ?

PS The SP xxxt itself on the news. Is this a good time to jump back in ?

http://newsstore.fairfax.com.au/app...rkets.theage.com.au/apps/qt/quote.ac?code=syr

http://newsstore.fairfax.com.au/app...rkets.theage.com.au/apps/qt/quote.ac?code=syr


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## Gringotts Bank (12 June 2013)

basilio said:


> Anyone else have any thoughts ?
> 
> PS The SP xxxt itself on the news. Is this a good time to jump back in ?




I had a few chickens counted...  6000 of them actually.  Now I'm back just below my entry price.  Maybe some overreaction, based on the broader market?  I'm working out whether to hold.  I think I will.


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## pixel (12 June 2013)

basilio said:


> Ouch !!![...]
> Anyone else have any thoughts ?




I think this could be a long wait and cost a lot of money. Right now, the chart is inconclusive and the Market could take a few days to sort itself out. Meanwhile, I'm taking a punt on TON.





Considering all the hype over the potential resource, I decided to sell CSE in late May at an average 16.6cps.


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## Chief Wigam (15 July 2013)

Samples off to the lab now, only a matter of time before the JORC announcement.

Share price tested support around 1.70 a few times and held firm.

I've seen valuations at around $12 for this company, good risk reward ratio there: 50c downside and $9.80 upside.


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## prawn_86 (15 July 2013)

Chief Wigam said:


> I've seen valuations at around $12 for this company, good risk reward ratio there: 50c downside and $9.80 upside.




Care to share those valuation and reasonings?


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## noirua (15 July 2013)

Chief Wigam said:


> Samples off to the lab now, only a matter of time before the JORC announcement.




It is usually possible to work out a JORC before the announcement by just going through the drilling results. I wasn't that far out on Sirius Resources nickel find, so don't expect anything surprising. 
The sector has fallen with the price of graphite.


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## basilio (1 August 2013)

SYR Quarterly report is very, very encouraging.

The plans to mine the graphite  are well advanced with pilot work, infrastructure development and community consultation all in place.

The digging and processing appears to be even cheaper than previously anticipated. they are suggesting a cost of $100 a ton.

Looking at the progress to date there should be some serious profits from SYR within 12 months. 

http://newsstore.fairfax.com.au/app...code=syr&get_prices=Get+prices+&+charts&f=pdf


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## basilio (25 September 2013)

Last 2 days have seen some exceptional movement with SYR.  Jumped from 2.30 to 2.80. Wondser if we will see a speeding ticket ?

The infill drilling to "prove" the JORC figures has returned outstanding results. In theory and hopefully in practice we should hear of confirmed JORC figures, an off take agreement and some swift action on mining in the very near future.

Then maybe we'll what a Billion dollar mine looks like.


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## CD3 (3 December 2013)

Hasn't been mentioned recently.

Has held longer term support at $2.40 and nearly jumped aboard a few days ago. Was ambivalent as not sure why there was a bit of volume and interest but recent volatility and todays finish have it back on my radar. 





Cheers

CD3


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## basilio (13 March 2014)

The Syrah train is moving... Big jump in SP from 2.50 to $3.60 in the past month. Why?

Two big announcements.  Firstly a MOU of an offtake agreement with Chinalco. Looks as if Chinalco will buy 80-100,00 tons of graphite for their aluminum process.  That is effectively underwriting the modest capital cost of their initial production.

Then today Syrah announced production of battery grade spherical graphite from their Balama deposits. This will be the core of millions of electric car batteries that are in line for production in the next few years.

http://www.proactiveinvestors.com.a...graphite-offtake-mou-with-chinalco-53499.html

http://www.syrahresources.com.au/si...e Spherical Graphite Produced from Balama.pdf

http://www.syrahresources.com.au/site/DefaultSite/filesystem/documents/PAC Partners Report.pdf


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## piggybank (26 March 2014)

It closed today at $3.89 (up 7.7%) on good volume.


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## basilio (10 July 2014)

Another steep jump in SYR this morning.  Currently up 61c to $4.90

Seems to have been provoked by the the following story.



> *Glencore takes close look at Syrah Resources*
> PUBLISHED: 0 hour 9 MINUTES AGO | UPDATE: 0 hour 4 MINUTES AGO
> 
> Swiss commodities giant Glencore is understood to have made an informal approach to Syrah Resources that could value the graphite and vanadium junior at up to $2 billion.




http://www.afr.com/p/business/companies/glencore_takes_close_look_at_syrah_iOgwVxWkZH91bO4dbOGyZN


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## basilio (10 July 2014)

Still powering along. Currently $5.43.  One would have to ask if/when questions are asked.

If Glencore is looking at a $2b price tag the valuation for Syrah is around $15..

There is much more detail in a SMH article which highlights the potential value of Syrahs huge Vanadium deposits.

This will fly..

http://www.smh.com.au/business/mini...-race-for-syrah-resources-20140710-zt27k.html


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## basilio (10 July 2014)

*Trading Halt.  *No surprise there. Will be fascinating to see how SYR responds to the ASX questions....


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## basilio (10 July 2014)

*Back on line*: Still powering up on the basis of a leaked  informal Takeover  approach.

I think this smells.  I can certainly see the huge value in SYR/CSE but IMO this looks like a deliberate kite flying exercise to push the SP up and perhaps attract other interest.

__________________________________________________________________

It would be very interesting to know when these informal  private talks were held, and how they were so comprehensively leaked. The SP has jumped by 20% in the past 3 weeks.


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## Gavstock (10 July 2014)

I heard the informal offer was around 10bil

This thing is going to go through the roof!


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## basilio (10 July 2014)

Gavstock said:


> I heard the informal offer was around 10bil
> 
> This thing is going to go through the roof!




Really  !!.  Better have  something tangible there Gav.  That sounds like an almighty ramp to me..

(The papers talked of maybe a $2B offer..)


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## Gavstock (11 July 2014)

basilio said:


> Really  !!.  Better have  something tangible there Gav.  That sounds like an almighty ramp to me..
> 
> (The papers talked of maybe a $2B offer..)




i speak the truth brother...look at this go nuts over the next few weeks

up 36% in the last 2 days alone


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## prawn_86 (12 July 2014)

Gavstock said:


> i speak the truth brother...look at this go nuts over the next few weeks
> 
> up 36% in the last 2 days alone




Gav, ASF is not a place for un-substantiated ramps. What proof do you have of this?

If you feel this is going to 'go nuts' then what is the actual analysis of that comment? And the reasoning behind it. Is it based on fundamentals or technical? Where did you get this information that is not yet available to the market? etc

Please read the ASF posting guidelines.

Thanks


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## basilio (15 July 2014)

I think the takeover speculation on SYR/CSE is very suss. I don't doubt the value of the graphite/vanadium resource but I can't accept that Glencore were serious with an open ended informal offer.

Makes one wonder just who waned to see some serious action on these shares. Certainly a few shares have changed hands...




> *Glencore takeover rumour doesn’t add up*





http://www.theaustralian.com.au/bus...ur-doesnt-add-up/story-fnciihm9-1226987437411


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## basilio (10 February 2015)

Six months later and we reopen comments on SYR!! Long time between drinks.

There have been a number of highly encouraging announcements in the past 6 months but today was probably the money shot. SYR announced a a 80,000 tons a year binding offtake agreement with Chalieco for the next three years. This seems to be sufficient to ensure the commissioning of the graphite mine and a healthy initial cashfflow

It looks as if the deal will be worth $80-90 million a year initially.  There are a number of other irons in the fire. 

Current SP $4.13

http://www.syrahresources.com.au/si...halieco Binding Offtake Agreement 10Feb15.pdf


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## piggybank (27 April 2016)

basilio said:


> Six months later and we reopen comments on SYR!! Long time between drinks.




14 months on and I'll fire up the thread again.

Since the low of $2.41 in late September last year, the stock has been on the rise and closed at $4.53 today. On the daily chart (P&F) below you will be able to see that should it break the $4.60 high then it could go on to break the $5.85 high set in 2014. But then again it may fall back to the $2.40 mark.

The most recent news can be found by clicking on the link below:- 

http://www.stocknessmonster.com/news-item?S=SYR&E=ASX&N=442316

​


----------



## piggybank (6 June 2016)

Well it closed in *BLUE SKY* today @ $6 (up 5%).


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## basilio (28 April 2017)

What a difference 10 months makes...
Commissioning of the mine and plant is now imminent. SP has been butchered . Currently $2.30. Apparently a favourite shorting stock on the market. Not quite understanding the thinking here.  Anyone else have info?


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## peter2 (28 April 2017)

It's a remarkably reliable pattern. The SP rallies on pure speculation and potential, pauses while the resource is defined, then falls during the development of the production facility. 

Once production commences the SP fluctuates like any normal business, up, during good cycles and down when eco conditions or commodity prices aren't so good.


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## basilio (26 June 2017)

So when are these guys going to announce official commissioning of the mine ?  According to the first quarter report, commissioning should happen in May with production starting in August. 

No whispers at all yet although it seems that Macquarie bank has increased it's shareholdings.  They generally follow the money so perhaps an announcement is close?

http://www.syrahresources.com.au/asx-announcements/2017


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## basilio (26 June 2017)

I'm feeling a bit sad.... 
A month or so ago I was made aware that Syrah was being strongly short sold.  I should have thought about it a bit more ... but didn't.
Anyway I tracked down the analysis behind the organisation that decided Syrah's future was not as rosy as the current management says.
By the way lets remember that this time last year (June 21st 2016)  Syrah was $6 plus a share and there was talk of $10b dollar takeover bids. When that subsided Credit Suisse produced an analysis which valued the company at $7.80 a shares.  On the back of this analysis Syrah raised $194m from sophisticated investors. 
After seeing how this analysis is dissected and debunked I'm wondering where the Credit Suisse analysts are hiding. (Almost certainly in plain sight...)
https://viceroyresearch.wordpress.com/2016/12/23/syrah-resources-asxsyr/


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## basilio (6 July 2017)

There was July 4th interim announcement which said the Balama plant is 90% completed.  Costs are still as expected. Production is anticipated in August.

SP has jumped from 2.80 to $3.35 in a couple of days. Lets see how production and sales go.


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## skc (6 July 2017)

basilio said:


> There was July 4th interim announcement which said the Balama plant is 90% completed.  Costs are still as expected. Production is anticipated in August.
> 
> SP has jumped from 2.80 to $3.35 in a couple of days. Lets see how production and sales go.




It's really the moment of truth isn't it?! SYR will be a massive supplier to a growing but yet still small graphite market. Will it become the next Lynas with rare earth (it's only now, some 2+ years after LYC's rare earth plant becomes operational that LYC feels stablised), or will SYR enjoy better fortune with the graphite prices staying high?


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## pixel (8 September 2017)

It seems someone didn't keep a secret 
SYR landed a sales agreement with Jiji, which was announced today and led to the usual exuberance. Of greater interest, however, is the earlier breakout on August 30th.


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## basilio (11 September 2017)

I wonder if the announcment of the latest sales agreement puts a nail in the short sellers coffin. I'm not sure if  SYR have a full house of sales with the completion of the development. 
Lets see!


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## basilio (2 October 2017)

The beat goes on.. So just after the last favourable news and "run" out comes another capital raising.  More bickies in the coffers for insiders. I struggle to understand why the funds coming from the imminent sales from the completed operations will be insufficient to finance the new development.

But then just issuing more shares is so much easier isn't it ?

Today another run on Syrah. No obvious explanation but perhaps a bit of good news and another bout of capital raising ?


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## Gringotts Bank (17 October 2017)

High flag.  Tgt 4.15 - 4.20


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## Parse (16 October 2018)

SYR is not one I normally follow but recently I have noticed it seems to be trading under fair value. There was a CR recently somewhere around $2.20 a share and it is currently performing around the high $1.70's. Morningstar has SYR valued at $3.40

Anyone know what the story is with this company?


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## basilio (16 October 2018)

SYR has fallen off a cliff.. It has the biggest graphite mine in the world with the best grades and is in full production... and it has fallen like a stone.

Honestly the best value for some of these companies is in the sizzle not the steak. I wonder what the instos who took big positions when it went from being an explorer to a producer are thinking.


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## Parse (17 October 2018)

Thanks for the reply, knew it was the biggest graphite miner. Just wondering why it is doing so badly, if it's the management or the situation or what.


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## Wysiwyg (18 October 2018)

Parse said:


> Thanks for the reply, knew it was the biggest graphite miner. Just wondering why it is doing so badly, if it's the management or the situation or what.



The management guiding the inexperienced workers! They seem to find it difficult to progress through this ramp up stage without a significant issue. If one remembers the 'good luck bad luck' story, thing can only get better regarding production. The management also tend to over estimate and under deliver. Great stock to go short on as many have done previously making it the most shorted stock on the ASX.
2019 to be a better year ....


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## greggles (7 January 2019)

Double bottom for SYR at around $1.40? Today has seen a nice move up through resistance at $1.60. It looks like $1.80 is the next challenge, but if it gets through that it's smooth sailing until $2.10.

Could be a trading opportunity here.


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## mikejosef (19 January 2019)

Good prediction, moving up nicely this week on the way to 210.


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## Smurf1976 (14 February 2019)

greggles said:


> Double bottom for SYR at around $1.40?



I'm no chart guru but a triple bottom now that it's back down there again?

Or heading lower?

Do not hold, just watching.


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## mikejosef (19 February 2019)

Its been very weak for the last week or so and broke the triple bottom. I jumped in at 1.90 and got stopped out when it went below 10%.


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## basilio (19 February 2019)

The Big Bang for Syrah was proudly announcing they were now in commercial production in 2019.  All the production problems sorted and so on .
The nasty hidden in the documentation was that the last quarter of 2018* saw net cash outflow of $23.2M with $77m in hand.
*
I suspect many investors are not confident Syrah can turn their business around without yet another capital raising.


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## Ann (21 March 2019)

As this is a pure Graphite stock it could be an excellent guide for the price of Graphite. There is no easy chart available for Graphite price. As the availability and price of Graphite turns up then this stock may be a good lead indicator. Currently the chart is falling with a solid falling overhead which will need to be overcome.


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## basilio (21 March 2019)

I have always had reservations Syrah. They were a prospecting company which then decided to mine its huge find. It seems to me they have not been as effective in becoming a producer .\
And as Ann points out  Graphite is falling  -maybe because with Syrah in production there is a truck load on the market.


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## rederob (1 April 2019)

Heading to around 50cents - should bounce off that.
True dog to those who put in to last year's capital raising.


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## greggles (4 April 2019)

I just posted about SYR in The bottom is in! thread but thought I should also post in the SYR thread.

It appears to be all good news from SYR's Balama Graphite Operation with Q1 production at the upper end of, or exceeding, previous guidance. Cash at bank is healthier than expected too.

$1.50 looks like resistance and that should be SYR's next challenge.


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## rederob (4 April 2019)

Maybe I win the April tipping comp - lol - as this stock was my tip.
I actually chose it in case there was good news, and as luck would have it.....


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## Naoseinada (28 April 2019)

Hopefully not a dopey questions but nevertheless; is there a way to trade call options on Syrah without them being a company on the ASX for which options are offered?


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## Joules MM1 (30 May 2019)

todays sub holder release has retail fired up, reflected in the short term 21 Twiggs Money Flow but the 13week money flow (that matters, trend-wise) is sub zero, there are not indicia on accumulation side that suggest anyones chasing supply, price structure lacks impulsive lift, if anything, more of the same sell-side in structure, currently better as a volume intraday play than a BAH play


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## Joules MM1 (30 May 2019)

and a chart with shtuff innitt
a follow-thru on todays retail chase would not suprise but the underlying money/trend makers needs to chase .....there is now a technical bid que there as the jan2018 downline is now broken so a lot of conjective ideas exist in this


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## Joules MM1 (31 May 2019)

.. chatty v  observational ?

the big gap sitting at  18th may 2012 got closed 
13 week Twiggs Money Flow supported yesterdays bar
yesterdays bar followed thru and minor technical break-out of wedge


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## Joules MM1 (31 May 2019)

aaand more cvo


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## Miner (19 June 2019)

SYR went into halt and published several pieces of news in one shot.

Capital raise to ramp up production - good news
Australian Super Fund as a partner (Please also note Aust Super has recently engaged new advisers for their fund management) - good news for SYR holder to learn convertible bond is @8% interest whereas many organisations have gone out at a much higher rate,  but may not be a piece of good news for super investors because of the price is only slightly lower than prevailing stock price, reaching the expected price for conversion could be a bit challenging, long waiting time to get ramped up and 8% return - may not enough. It could be more than likely that the market price would go down when it opens. But the $55M investment is a peanut for Australian Super Fund under management.
Production is much lower for the quarter - could be a spanner on the wheel as market expectations are getting higher and higher. There are very high shorters for SYR. They may manipulate the market.
But sale agreement is very good news depending on strike price under contract https://www.asx.com.au/asxpdf/20190619/pdf/445yk999g2d7qr.pdf
https://www.asx.com.au/asxpdf/20190619/pdf/445yqyjtptq80j.pdf

Yes - disclaimer - a holder


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## Miner (20 June 2019)

SYR is yet to be traded on ASX after the halt.
What is interesting to see this news published :
https://www.asx.com.au/asxpdf/20190620/pdf/445zcfhrfzs1z5.pdf
Becoming a substantial holder just before trading halt raises questions, if they knew it earlier and would take the benefit of the rights.
This morning AFR published a reasonable coverage on SYR and DCN. They also mentioned how Australian Super has been a strong supporter for long time.
If we rely Australian Super and JP Morgan's 'innocent' investment to become a substantial holder, would hopefully a good news for other investors. I do not want to speculate as this is just watch and see but getting some what optimistic now on SYR.


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## Miner (21 June 2019)

https://www.asx.com.au/asxpdf/20190621/pdf/4460cg2fzjrf91.pdf
Details of Rights offer to shareholders with facility for top up. Nice discount @81 cents,  from the  last traded price of 98 cents and full commitment from Instos.
Lets see how market responds when it comes for trading.
Disclosure : Just entered into the portfolio before trading halt.  Would my gamble (sorry fundamental research) will be a winner ???
============
_Edited after posting to see market reaction - opened at 88 cents, rose upto 90.5 cents and now around 88 cents. Still good after 11% slump. But market will evolve in few hours and what price it stays is the important for many.
Any comments /education on SYR will be welcomed
https://www.fool.com.au/2019/06/21/why-the-syrah-resources-share-price-crashed-11-lower-today/_


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## Sean K (21 June 2019)

Why has this fallen so heavily the past 3 years? $6 to $1? Price of graphite, or was the sector in a bubble?


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## Miner (25 June 2019)

greggles said:


> I just posted about SYR in The bottom is in! thread but thought I should also post in the SYR thread.
> 
> It appears to be all good news from SYR's Balama Graphite Operation with Q1 production at the upper end of, or exceeding, previous guidance. Cash at bank is healthier than expected too.
> 
> ...



Now the bottom is 80 cents as XR


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## Miner (25 June 2019)

kennas said:


> Why has this fallen so heavily the past 3 years? $6 to $1? Price of graphite, or was the sector in a bubble?



Just a follow on of your posting @kennas - SYR since XR is going down and down. It went below the rights price of 81 cents and just matching the 81 cents some how.
UBS has quitted.
https://www.asx.com.au/asxpdf/20190624/pdf/4461tfkywdhp5n.pdf
What is your and others opinion on this stock and its rights price - is it a right price with too many graphite manufacturers like Lithium bubble is going to vanish?


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## Sean K (25 June 2019)

Miner said:


> What is your and others opinion on this stock



I really need to get my head back around the whole market at the moment. Too much time away drinking Martinis.


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## Joe Blow (25 June 2019)

kennas said:


> I really need to get my head back around the whole market at the moment. Too much time away drinking Martinis.




Welcome back stranger! I saw you lurking around and wasn't sure if it was just a flying visit to update "The world is on the brink!" thread again, or if you were going to stay awhile...


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## Miner (4 July 2019)

Following SYR movement thinking the company has some serious issues but failing to understand how could smart funders keeping on increasing their stake on SYR. Of course funders are not always smartest otherwise the holders of their stocks could have earned fortune whereas the partners and analysts get fabulous bonuses 
https://www.asx.com.au/asxpdf/20190704/pdf/446clq8rnctdhl.pdf
https://www.asx.com.au/asxpdf/20190702/pdf/446b4ffgrsmx9k.pdf
But the question remains, if they are always that stupid to flash out millions on dud shares ?


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## Smurf1976 (5 July 2019)

Miner said:


> Following SYR movement thinking the company has some serious issues but failing to understand how could smart funders keeping on increasing their stake on SYR.



I have similar thoughts but simply note that these things often, not always but often, do turn out positively.

Plenty of shares being sold and at low prices but _someone_ is buying them up and they must have their reasoning.


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## barney (5 July 2019)

View attachment 95934


Smurf1976 said:


> *Plenty of shares being sold and at low prices but someone is buying them up and they must have their reasoning*.




Agree Smurf and Miner.  There are several big hitters soaking up large Volume in the constant price drop.

The big fundies are likely thinking well ahead and are probably happy to sit on these for X amount of time while accumulating at the lows. 

Current lows should be re tested but maybe the start of a Base … worth keeping an eye on over the next couple of months.


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## rederob (11 September 2019)

rederob said:


> Heading to around 50cents - should bounce off that.
> True dog to those who put in to last year's capital raising.



I had not realised that was so optimistic.
The dog might turn out to be a dead cat, and any bounce might be worrisome.
Until graphite prices improve SYR is definitely one to avoid.
But if you prefer a punt on Syrah - and enjoy being well into the *red *- I can thoroughly recommend the *Clonakilla Murrumbateman Syrah 2016*. (Otherwise a good Shiraz or Hermitage will do - seeing they are the same grape variety.)

On a more serious note, Syrah will release its 2019 Interim Financial Report on 13 September 2019.


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## Miner (19 October 2019)

kennas said:


> I really need to get my head back around the whole market at the moment. Too much time away drinking Martinis.



Hey @kennas 
Just checking if you got your heads back after sabatical leave?
We need your safe return on ASF and SYR thread.
SYR has again surprised (?) the market on its Q3 report published today. When it will raise a white flag with seeing to be doing something.
I will watch the Market reaction when it opens on Monday.
The following reported much aftermarket closed today
https://www.asx.com.au/asxpdf/20191018/pdf/449n2nlr7jxy1k.pdf
https://www.asx.com.au/asxpdf/20191018/pdf/449n0wwzqgkb7n.pdf
I am paranoid to read the line - discussions with employees, Mozambique Govt etc for continuity - are we looking for a belly up syndrom ??
Eye wash by reducing payment to non executive directors. What about reduction on pay based on performance, for the top brass - it will itself bring some millions reduction. Fat cats I meant


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## rederob (28 October 2019)

rederob said:


> The dog might turn out to be a dead cat, and any bounce might be worrisome.
> Until graphite prices improve SYR is definitely one to avoid.



Presently dwelling around 38 cents and not showing any sign of recovery.
Australian Super must be ruing the day they took the plunge and here's some news today:
_*Unlisted Convertible Note issued at a face value of A$55,800,000 per Note. Maturity date is 5 years from the Subscription Date (28 October 2019)... AustralianSuper may elect to fully convert into fully paid ordinary shares of Syrah any time after 30 months from the Subscription Date and prior to maturity date.*_​


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## rederob (28 November 2019)

rederob said:


> Presently dwelling around 38 cents and not showing any sign of recovery.



A month later and we are into 35cent territory.
No recovery remotely on the horizon.
The fleas on this dog are sucking it dry.
Sub-30cents is very much on the cards in 2020, while a recovery in graphite prices would lead to a decent bounce given its existing production capacity and capital reserves.


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## barney (29 November 2019)

rederob said:


> The fleas on this dog are sucking it dry.
> Sub-30cents is very much on the cards in 2020, while a recovery in graphite prices would lead to a decent bounce given its existing production capacity and capital reserves.




They raised $25 ?? million back in June at 81 cents.  The SP ran up for 3 weeks to $1.06 just after that so I assume the Instos were selling into that.

Cap raises have kept their balance sheet healthy with Market Cap only 2X Cash.

Still burning around $10 million per Quarter however so whoever is stumping up the Cash will want to see some positive SP movement eventually.

Worth watching for the "turn" and if it does it should bounce hard as you say Red.


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## rederob (22 January 2020)

I do not hold this stock but noticed it has risen steadily in recent weeks.
Today they provided a report on quarterly performance.
I always look for what is obvious and not stated or not detailed.  
SYR wrote a lot about "expectations" but the single line summary in its "*Outlook*" says:
"*Forecast Q1 2020 Group net cash outflow is ~US$16.0 million comprising of:*"
At that rate of cash burn the company will need to do another capital raising before the year is out, or take drastic action to curtail costs.
Alternatively, a major rebound in graphite prices may occur and save them - that is what they are hoping for.


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## tinhat (22 January 2020)

Thanks for the reminder to sell. Lucky for me I bought bang smack at the all time low back at the beginning of December. I did this based solely on the article in the paper about Australian Super saying they will take on the shorters and are backing the management of the company. Australian Super are a major shareholder. So I figured "game on", this is probably the bottom. So it was a speckie for me. I don't have hard and fast stop losses but for a specie I should have thought about selling at 60c which would is about the 15% pullback from the recent high. If I wanted to stay in the stock but still conserve half my paper profit up to the recent high I would adjust my stop down to around 53c. 

But this is a speckie and the report today reminded me that I hold no strong conviction. I've got to bpay some funds to take up my SPP entitlement in WZR so I was going through the portfolio just now looking to see if anything was a sell and, yep, time to cash in the chips on SYR.

Then I thought, "don't trade in the opening hour" as the price is holding up reasonably well given that you would expect a bit of selling on the report. But then why waste my morning sitting in front of the computer, get it done and get on with the day. They joys of being a small time retail investor.


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## tinhat (22 January 2020)

Yep, that was a bit silly because I am still at my computer and sure enough, as soon as 11am came around, the price has jumped from .565 to .60


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## rederob (22 January 2020)

tinhat said:


> Yep, that was a bit silly because I am still at my computer and sure enough, as soon as 11am came around, the price has jumped from .565 to .60



Irrational exuberance!


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## tinhat (22 January 2020)

rederob said:


> Irrational exuberance!



too much coffee!


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## Trav. (25 January 2020)

Just having a look at SYR and noted the following

High Lows = Good
Trending Up = Good
Ascending Triangle Forming = Good
Gap Filled = Good

So on the watch list it goes.


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## tinhat (1 February 2020)

I bought back into SYR as I had managed to free up some funds but effectively I've pocketed my profits. I still don't hold any strong conviction on the stock, I just haven't looked at it closely but I reckon the chart looks like it will remain in uptrend as the chart by @trav suggests.


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## Sdajii (1 June 2020)

SYR has done pretty well over the last month or two, recovering steadily from its lows. Very speculative over the next month, but I figured I'd take a punt for the June competition. Electronic vehicles aren't going anywhere and China is out of favour lately, giving SYR a boost. Of course, the world is in a bit of strife, but that's harming almost everyone.


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## tinhat (11 June 2020)

I'm out of SYR at a 10% loss on my most recent holding. I might be one of the few who actually made some profit on this stock trading it as it scraped along the bottom of the pond.

Synthetic graphite is the go, so they say.


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## rederob (11 June 2020)

Syrah is a good company from a structural perspective and has a world class resource.
Its idea is to offer an alternative to China for industry's natural graphite supply chain to the battery market.
Currently there is an oversupply to the market and Syrah's resources are not being drawn upon.
The CEO's recent presentation was *under*whelming.
I am not a holder and have not been.
If I were a trader right now I would be shorting this company based on fundamentals.


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## Dona Ferentes (25 September 2020)

wonderful optimism exhibited here

lot of stale holders likely to impede any continuation.


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## Dona Ferentes (25 September 2020)

.... since inception


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## finicky (13 October 2020)

Was just looking at SYR as a possible template for the trajectory of Chalice (CHN)
The monthly chart is in itself interesting as small rounded low coming out of capitulation volume in March. Could be just Wuhan crash related I guess. Nice regular small bodied candles though - gives an impression to me of accumulation.

All Data Monthly


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## finicky (1 December 2020)

Quarterly chart - cracked through 50c with a vengeance in December quarter.
With hindsight, the high volume June Qtr doji candle was a good signal?


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## Dona Ferentes (9 December 2020)

_and back over a dollar... so what follows _?

Sources said the $419 million company was looking for between $50 million and $100 million in _*fresh equity*_, and a deal was expected to launch in coming days. And there's plenty of reasons why Syrah could need new capital.

High on the list is *restarting its flagship Balama *graphite project in Mozambique, which has been sitting idly for the past half year. Operations at Balama were halted by Syrah in July, as the global market for batteries sustained a pandemic-induced hammering, which was the final straw for the project. Syrah had already announced production cuts at Balama late last year due to weakening market conditions, and that was followed by a company restructure in 2019's September quarter that saw the staff head count at Balama cut by 30 per cent.

However, a tightening graphite market could mean its time for Balama to restart. In a note to clients a fortnight ago, UBS analysts said the graphite market was supportive of Balama restarting in 2021, and in their base case scenario the project would be restarted before March.

While it's been offline, UBS reckoned the Balama project had been burning around $US10 million cash each quarter. Syrah had $US44 million cash on its balance sheet as of September 30 this year and no debt, according to a quarterly activities report published in October.

The other big reason Syrah could need capital would be to finance the *development of its graphite production facility* at Vidalia, in the United States. Syrah said it had completed a bankable feasibility study (BFS) on the project at the start of December, and it would cost $US138 million to build a 10 kilo tonne per annum processing facility.  The completion of the BFS meant Syrah could start having "commercial discussion for project development to progress with potential offtake partners and financiers," the company said.


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## basilio (9 December 2020)

I  researched SYR for a long time when I had an interest in CSE (shareholder of SYR)

It seemed that, as usual, the big money was made during the exploration period period when blue sky projections of resources and sales were unhampered by reality. 

So they have the largest and cheapest graphite mine  in the world in Balama but they want to raise $138m to start a  10k PA graphite production facility ?
What was the point of proving and developing their Balama mine and then seemingly walking away ?  (Perhaps raising more money  is easier ? )


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## debtfree (3 January 2021)

I have chosen SYR as 1 of my 4 picks in the Tipping Competition for Full CY 2021, only looked at the charts for my picks. Thought I'd post a quick chart recording my thoughts at this time, hope you don't mind.

Last 4 to 5 months price has had good momentum, stronger than XAO and with volume increasing over the last 2 months. This has finally moved the Short term MA above the Long term MA, 1st time in nearly 3 years.

Can it get back to towards the $4.50 level by the end of the year? I don't know but if it does it will be a great return and it's heading in the right direction at the moment.


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## Dona Ferentes (22 February 2021)

Syrah Resources Limited (ASX: SYR) is pleased to announce the decision to restart production at the Balama Graphite Operation  in Mozambique. 


> Production was temporarily suspended at Balama in March 2020 due to impacts of COVID-19, specifically: travel restrictions, limiting the mobility of the Balama workforce; and, weak end user demand due to lockdowns, mobility restrictions and economic uncertainty negatively impacting electric vehicle sales.



(don't mention the plunging price of graphite over the last few years; now turning around)

_Three year chart; weekly:_


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## Tropico (31 October 2021)

On the way up at the moment.
Broke through my  resistance level of $1.21, and hopefully will continue upward.
There is potential that is yet to be realised


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## Dona Ferentes (23 December 2021)

Syrah Resources has executed an offtake agreement with *Tesla* to supply natural graphite active anode material (AAM) from its production facility in Vidalia, USA.

Tesla will offtake the majority of the proposed initial expansion of AAM production capacity at Vidalia at a fixed price for an initial term of four years commencing from the achievement of a commercial production rate, subject to final qualification.

Tesla also has an option to offtake additional volume from Vidalia subject to Syrah expanding its capacity beyond 10kt per annum AAM.

Syrah said it was advancing commercial and technical engagement with other target customers to develop Vidalia AAM for mass production and secure additional long-term purchase commitments for Vidalia.


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## Sean K (23 December 2021)

Good pick @debtfree 

Had to wait till a week to go, but ... 

Hopefully it holds up.


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## qldfrog (24 December 2021)

Sean K said:


> Good pick @debtfree
> 
> Had to wait till a week to go, but ...
> 
> Hopefully it holds up.



and now in trading halt


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## JohnDe (27 December 2021)

Dona Ferentes said:


> Syrah Resources has executed an offtake agreement with *Tesla* to supply natural graphite active anode material (AAM) from its production facility in Vidalia, USA.
> 
> Tesla will offtake the majority of the proposed initial expansion of AAM production capacity at Vidalia at a fixed price for an initial term of four years commencing from the achievement of a commercial production rate, subject to final qualification.
> 
> ...












						Tesla To Close Deal On Battery Graphite With Syrah - Australia | Torque News
					

Tesla Inc. has agreed to take the majority of battery-ready graphite from a production facility planned in Louisiana, in a deal with Syrah Resources, an Australian Stock Exchange listed industrial minerals and technology company with its flagship "Balama Graphite" Operation in Mozambique, and a...




					www.torquenews.com


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## investtrader (31 December 2021)

The deal with Tesla and strong price movement means this is one of my picks for 2022 comp.


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## mullokintyre (31 December 2021)

I have looked at SYR a number of times, and almost pulled the trigger once.
The problem is that when you look at their past performance, they have a consistent habit of promising a lot and delivering a little.


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## bk1 (31 December 2021)

investtrader said:


> The deal with Tesla



I feel the qualification time is tight and unsure if they can achieve full production run in that time line. Tesla have ran a hard bargain here, bear in mind they asked for an export waiver for chinese spherical graphite recently.


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## Dona Ferentes (7 February 2022)

Capital raising on the way .... Expect $250million.

For the processing plant


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## Dona Ferentes (11 June 2022)

And not helping the share price; the isolation of the mine and its supply routes could be easy pickings.

_Syrah has received reports of an insurgent attack at a mine project site near Ancuabe, approximately 200km from Balama in Cabo Delgado province, northern Mozambique. This, with another incident in the same area in recent days, are the first confirmed attacks in the district of Ancuabe. Prior to these incidents there had been a significant improvement in the overall security situation in Cabo Delgado. _

_The incidents occurred between 30km and 40km from the N1 road, the primary transport route between Balama and both Nacala and Pemba. Syrah and its logistics service provider have taken the precautionary measure of suspending all personnel and logistics movements through the route section until further information is available. Balama mining and processing operations are not currently impacted. _


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## bk1 (12 September 2022)

Having another shot at the resistance level , maybe this time..


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## rcw1 (21 September 2022)

Good morning 
SYR:  Syrah Resources enters a trading halt pending an announcement about a labour-related operational interruption at Balama Graphite Operation.

Have a very nice day.  

Kind regards 
rcw1


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## Dona Ferentes (20 October 2022)

Announced are $US2.8 billion ($4.5 billion) in grants from the Biden administration aimed at ramping up onshore production and processing of critical minerals for EV batteries and defence technologies. The US government was working to reduce US reliance on China for critical minerals for his country’s decarbonisation and defence needs.

Syrah won $350 million in grants to expand its natural graphite facility in Vidalia, Louisiana. Syrah’s facility will be the only large-scale natural graphite producer outside China and the first large-scale natural graphite producer in the US.


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