"The current planned expansion from 6,000tpa of production...

"The current planned expansion from 6,000tpa of production capacity to 18,000tpa (with the Mahefadok processing plant), could be expanded again at some point in the future to 30,000tpa, dependent on market demand for its products."

With US Major Asbury Carbons and Tirupati on board it is safe to say that the initial production target of 18.000 is spoken for. 30KTpa should be easy possible considering they are in also discussions with European Majors AMG GK and RHI AG.

At current valuation, I much prefer BSM to KNL.
After all, more proverbial boxes have been ticked:

Permitting, sufficient infrastructure, customer base, real producing assets (as opposed to highly speculative land with evidence of graphite), revenue and operating cash flow and finance in place for expansion.

It aims for a 30KTpa startup and their profitability is not dependent on the EV market but on existing markets, the EV story is a big big bonus that Bass will be ready to participate in once that gains momentum.