Not having seen the specifics of the supply/royalty agreement...

Not having seen the specifics of the supply/royalty agreement PAK/IIM have with FGR I couldn't really comment on profitability wrt to graphene for either company. PAK will be selling a high-tech geotextile product (initially, though they also have water, construction and wearable tech applications in the pipeline) FGR will be selling graphene. If I look at what has been released thus far, it would lead me to believe that FGR will install one of their 250L graphene kits at PAK's production facility and supply them with ore for on-site on-demand production of graphene. At this point the business model will be on display for all to see. This will not be a game changer with respect to the quantities involved, as from memory I believe PAK were looking at production that would require 2 tonnes of graphene, and scaling up over a few years to i think 50? But the specifics of the deal will no doubt have a massive effect on the potential profitability. PAK would only ever take a fraction of the potential output from FGR, I'd reckon WG would want to pay a nice premium for the FGR stuff for a number of reasons, if FGR isn't recieving something around the $55k/t price he has been talking about for however long, but are supplying PAK for less, WG will lose credibility IMO. The announcement of the deal and the specifics of it all is hotly anticipated, and I think this is what the market is waiting for.