here's my problem, page-15

I think you are making a mountain out of a mole hill, MS. Under their model, the amount of graphite they've reported in resource that will instead go to waste is a tiny percentage of the whole resource.

It is all a moot point anyway. Unlike base or precious metals where there is always a market and a JORC compliant resource (to paraphrase) must have "a reasonable likelihood of economically viable exploitation", in this case there is no known market yet. IMO, to be true to the code, the resource should conform only to those parts of the resource where customers are already identified.

As I've been saying all along, the grades are tons are just noise. It is the off-takes that are critical. It is also for that reason that previous discussion here about "basket prices" is irrelevant.

GLTA