Ann: Strong Progress Across Battery Materials Businesses, page-138

100% correct. Makes up about a half of the active material in a lithium ion battery and most importantly as you say, not all graphite is created equal. Shape/size/internal structure of the graphite particles are variable and determine their performance and suitability as anode material. This is missed by many and they look purely as reserves, which whilst relevant, only take you so far.

Add to that the China supply constraints, western desire to secure supply and reduce dependence on countries like China, growing demand from the EV and other sectors. You have a lithium style storm brewing; for graphite that can become anode. A matter of time imo.