He is doing his job as a director, buying when the market is...

He is doing his job as a director, buying when the market is losing faith and using his investment letter to promote the company. The company still has cash for a few quarters. The massive upside in the stock is still intact if the graphene story works out, with another possibility of massive bucks with the BEST battery IP.
Some people argue that the difficulties regarding mining are significant. I do agree because the worst case scenario for the company, if the graphene story does not work, is not as good as once believed. Mining in Sri Lanka is hard, but it will be the same for potential competition. Unles there is some shady politics playing out between CHina and Sri Lanka at the government level, which remains a possibility, FGR will have a duopoly with the SL government on large quantities of vein graphite.
In my mind, it remains a big SPECULATIVE buy, more than before, with higher risk but much higher upside as well. It would be crazy to have most of your portfolio invested in this stock, the same way, I believe it would be crazy to NOT have a bit of your portfolio with FGR in it. I'll probably average up a bit more if it goes to the 6's.