I looked at most of the graphite hopefuls a few years ago during...

I looked at most of the graphite hopefuls a few years ago during the lithium boom. If WKT is not getting funded then really there's no hope for any others, that's the unfortunate truth.

2 years ago I narrowed it down to GPX and WKT (where I already have some stake) partly due to the flake mixture in light of other bigger peers (MNS/SYR at the time were big) as differentiating. GPX back then had nicer looking set of numbers, WKT smaller project (both NPV and capital requirement-wise) but looks to be less risky. I went with WKT on perceived lower risk due to size and perceived shorter time frame to production.

With the eventual arrival of GPX DFS, the decision back then was vindicated even if the share prices not necessarily reflect it yet. If I knew graphite prices would be what it is now, it is unlikely I would have the same weighting in my portfolio, but it is what it is.

If you are after 'potential', then WKT is not even it. There are other (IMO) inferior graphite projects that trots a higher NPV, but what's not shown is to reach the lofty numbers so many ducks need to line up. WKT in comparison anticipated a simple plant, from a smallish deposit, and a product mix that cannot be substituted by peers (producing or hoping to).

At the end of the day, that's what funders are assessing projects on. They are not there for a lucky punt for blue sky of their equity portion, but they want their returns secured in the investment as much as possible. Deposit-wise it's a no-brainer but Tanzania may weigh a bit, give it time to work out.