Ann: HZR & Mitsui Agree to Advance Collaboration on HZR Graphite, page-34

Essentially we have inputs of iron ore, natural gas and energy and outputs of hydrogen, graphite andnatural gas with some residual hydrogen from the pressure swing absorber

It takes $20 of iron ore, $561 or natural gas and $171 of energy to make 1 ton of graphite ($700), 227kg's of hydrogen ($454) and 30 GJ of hydrogen enriched natural gas ($192)

Inputs to make 1 ton of graphite and byproducts costs $752

The related outputs are worth $1346 therefore giving a margin of $594

If you were to consider this as a graphite process then the price to produce a ton of graphite after co credits is $158, no miner can come close to that, not even in the same ball park

As the gas input costs are around 42%, it is pretty important to know what they'll have to pay.