Ann: German Research Confirms Recycled Graphite Performance, page-43

When (and I do think its when not if) EGR does finally move it could be a large and swift movement.

The chart below looks at EGR and E25 (Both have their valuable product being battery input product. Both have a raw product mining operation to supply this down-stream product although E25's is currently loss making while EGR's is of course Epanko which has yet to FID). Both were punished in an almost identical way across the 2nd half of April, May and June. There was a divergence and rejoin in July. In August they again travelled together probably based on general sentiment.

A couple of days ago E25 had a strong announcement around its plans for battery grade manganese and the price took off. If EGR can deliver a strong announcement around Spherical Graphite (or recycling, or Epanko), I wouldn't be one bit surprised to see the market deliver a similar 30%+ movement over a few days.