@plonka"The deposit is second to one in size and none in grade....

@plonka
"The deposit is second to one in size and none in grade. It is from surface and shallow. "

--Wrong. In mining industry, grade is king, unfortunately the grade of SGA's deposit is low, damn low, otherwise the current MC could have been 10 times higher.

A quick Google search would give me something like this:"Graphite ores are classified as “amorphous” (microcrystalline), and “crystalline” (“flake” or “lump or chip”) based on the ore’s crystallinity, grain-size, and morphology." And this: "the carbon content of amorphous graphite is generally 60~85%. A few up to 90% or more. The fixed carbon content of crystalline graphite is generally low, mostly 3%~13.5%." So you see how low is the grade @28.9% for this amorphous deposit?

"They have hit 5Ns in trials. Have had successful battery tests which are ongoing. "

-- Fishy. When they claim they can convert their ore to 99.999% purity, the first thing to be questioned is with what efforts/at what cost?

SGA is a mining exploration/development company, they can simply dig out the dire and sell. Why would they need to do the trials and prove the can-be purification? It's the converters/refineries' business, and they know much better than the miner what they can come up with with the ore they buy. How many graphite miners have done this kind of trials before they sell for any reason?

"They are located in Kazakhstan close to China and local infrastructure."

-- Wrong again. Geographically the location is close to Kazakhstan-China border, but most of the graphite refineries in China are in the east coast, which are nearly 4000km away. It would be uneconomical for the Chinese customers to transport this kind of low grade amorphous to their destination even if the raw ore is for free.

As a side note, I'm a non holder, and I know this kind of comments are not welcome here. But still I want to state facts, just for newbies/blind followers to avoid being misled.