Ann: Syrah Sales and Marketing Update, page-33

First, in contrast to your opinion that Graphite is readily available at low cost, the stock of India company Graphite is at a high http://techpaisa.com/chart/graphite/daily-volatility/
Second, production second year is 350+Tons per your calculation is 120 M times your 10 is $1.2 billion US. That is $4.o us a share. Because this is now a high growth resource, 15 to 20 times earnings would mean a $6.00 to $8.00 stock
Third, you cite Tesla but ignore Damler, Toyota, GM, China, etc.. all announcing they are going EV.
Fourth, Syrah marketing has agreements in India, Korea, Japan, China, Europe and are building a US Plant. They have many markets covered with initial agreements.
Fifth, 80 tons of test supply were sent out over one year ago.
Sixth, per your calculation, cash flow first year is positive $60M first year, plenty of money to finish the Spherical plant.