Correct - build as demand increases. We are not even at the...

Correct - build as demand increases. We are not even at the beginning of the huge increased through to and beyond 2030. This is a very long term strategy of decades to importantly stay ahead of competition with superior products and tier 1 customer base.
Pointless to do a Syrah and build a massive mine for graphite mining and plant for production only to find demand has not arrived - shut the whole thing down for a year - return to the market for more raisings - diluting share holder values and - still awaiting the demand - the tier 1 customers and selling product below cost of production.

Simple scale up as demand increases (with quality products in high demand from established tier 1 customers) - signing further supply contracts each step of the way. Instead of OTHERS with massive supply capacity yet customers screwing them as they know they are desperate for customers.