Ann: Letter to shareholders-GPX.AX, page-6

Magnis still trading at market cap of $350m even though they have publicly acknowledged they don't have offtake agreements or project funding.

I can't see why Graphex wouldn't at least catch up to Magnis once real offtake and project funding agreements are signed. And why it wouldn't keep climbing up towards Syrah's $1 billion market cap during 2017 as construction nears completion, and as further small, smart drilling programs keep doubling the resource / mine life to meet Chinese demands for expandable.

And Syrah's offtakes are dodgy, I understand there's only 20ktpa actually locked in, the big offtakes they have announced aren't finalised (and probably never will be as they exceed current global demand). Perhaps why Tolga their CEO just resigned??

So GPX could well ship more product in 2018 than SYR. That will be a very significant milestone in the global graphite supply chain.