@norts72

Good question. Found this info on graphite demand forecast:

Natural Graphite to Drive the Market Growth

• Natural graphite is used in refractories, foundries, crucibles, lubricants, batteries, and expendable.
• The current major application of natural graphite is in refractories, casting, and foundries. In 2019, this application accounted for about 45% of the natural graphite market. It is also expected to witness a considerable growth rate over the forecast period.
• However, the batteries segment is expected to be the fastest-growing application over the next five years, and it is expected to the largest application by 2024.
• The increasing demand for graphite, for its usage in lithium-ion batteries used in electric vehicles, consumer electronics, and other electricity storage applications, is expected to increase the demand for natural graphite. The manufacturing capacity of the global lithium-ion battery market is expected to increase by four times, over its 2019 level, to reach around 1200 GWh in 2024.
• Furthermore, natural graphite is a low-cost alternative to synthetic graphite. This is further expected to increase the demand for natural graphite.
• However, the supply of natural graphite is scarce. Thus, the price of natural graphite is expected to rise during the forecast period.
• ll these factors are expected to increase the demand for natural graphite, during the forecast period

https://www.mordorintelligence.com/industry-reports/graphite-market

From the website it looks like these forecasts were done in 2019 so may not be entirely up to date.

In BAT's Feb 2020 investor presentation it had a 2020 timeline/forecast for the company which included financing for the Montepuez graphite projected to be achieved Q2 2020. Then COVID happened and the graphite project movements were delayed/pushed aside and BAT ended up acquiring the Victorian Gold-copper project as a result. Company haven't updated about graphite project in a long while and they seem to be more focused on the Gold/copper project in Victoria. Hopefully some updates on the graphite soon.

SYR SP since Nov 1 has gone from 44c to $1.15 so perhaps an indicator things are starting to pick u