Production risk, page-10

I agree, that small flake graphite will most likely sit at around $400/t and not really increase in value, as more and more graphite miners flood the market. This will offset the increase in demand. 
However, thats where the BAM part of the business will come into play.
Syr will be able to move up to 120ktpa of its small flake graphite to its BAM plant. If we assume a rate of 70% approx. wastage to produce 40ktpa spherical.
the current price of BAM is about $3400/t for uncoated. 
that could mean a profit margin of up to $1000/t.
or 40mil pa.
if the price of small flake graphite were to increase then the price of BAM will follow, otherwise BAM would have reduced margins.