It's simple, page-60

a random price prediction of graphite flake size look at the jumbo cost in 2020 - look at the syrah grade same same same - due to china competition they have that same tiny stuff to compete no market differntiation.

https://www.statista.com/statistics/452304/graphite-prices-worldwide-prediction-by-flake-grade/

from syrah website feasibility study"
"In 2013 Syrah announced the largest resource of graphite the world had ever seen at 1.05Bt @10%TGC and 0.23%V₂O₅ (using a 5%TGC cut-off to 300m depth)."

so syrah has 1000Mt ok they have 10%tgc ok but cut of at 5% so a lot going to waste but for simplicity and benefit of their favour lets say they get 10% and simplicity of calc.

VRC has 461Mt @ 4.9%

the cost looks like in say 2017 $342 per ton of syrahs
the cost in 2017 for VRC JUMBO looks like $1555

in 2020

syrah=still $359 per ton in 2020 VRC JUMBO looks like $6175 per ton thats 20x more

so even if we have (simplified VRC 22.5MT of jumbo vs syrah 100mt)

thats 22,500,000x$6175=one hundred thirty-eight billion nine hundred thirty-seven million five hundred thousand dollars in ore.

syrah = $359x100mt =thirty-five billion nine hundred million dollars in ore

so with syrah having a market cap of 800million to our 36M - i really do see potential in VRC

correct me if im wrong it is approximate but also approximately correct.

also thats just jumbo we have a lot of super jumbo...