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The best graphite deposits will be developed. Capex is low, demand is coming. Unlike something like rare earths, processing is relatively simple once you've identified the ore characteristics and end uses.

Syrah with their 20Mt at Ativa within the broader Balama graphitic hosts has the right combination of grade, flake size, impurities, and geometry to make it happen. Which is why the company has a healthy market cap. Syrah state that localised contact metamorphism from a late granite intrusion has driven off impurities and recrystallised the graphite to coarser grains.

If TON can show they have something like Ativa, then a continued re-rate in share price will come. If not, and they just have a lot of the sort of graphite that Syrah will reject, then the instos probably won't bother with it. This biggest in the world fluff is irrelevant.