I would guess 24 months after the commissioning of Epanko if...

I would guess 24 months after the commissioning of Epanko if they go down the debt road for everything. It depends on how much debt they (or the banks) are comfortable with. Will they use debt to fund expansion or income? My guess is mostly debt. Debt has higher risk but will provide smaller dividends quicker. Funding expansion from income will delay dividends but they will be larger once they start.

With debt comes the need to put up collateral (ie: Epanko). All is good if the market doesn't implode once the mine is built like the market is now.
Just remember, China is currently dumping graphite products onto the market below cost due to chronic overproduction. Unless the global market can control China's dumping/subsidising to crush competitors in markets China controls (like graphite), EGR is at China's mercy.