That has been reflected in Syrah's reeling share price, with the A$4.95 the stock commanded in early January giving way to this week's miserable $2.06, a thumping 58% fall.

A number of factors are behind the fall and include standard teething problems in ramping up the operation following first production last year, and the not so standard fire on October 1 that knocked out the processing plant for five weeks.

Production guidance for 2018 has had to be pulled back to 101,000-106,000t from 135,000-145,000t, itself down from the original guidance of 160,000t-180,000t.

Then there has been the need to go back to the market in September for yet more funding through a dilutive $94 million placement at a then discounted $2.23 a share to maintain the momentum needed t...