Vein Graphite; Sri Lanka and Compounding Value, page-18

Elcora seem to be cut from the same cloth as others in the "peer group". This from a recent release (my emphasis):

"The Sakura graphite project’s Ragadera mine has no established resource and is without a known body of commercial ore. The decision to commence production at the Ragadera mine and Elcora's plans for small scale mining and milling operations were based on economic models prepared by Elcora in conjunction with management's knowledge of the property and the prior limited recent operating history of the Sakura/Ragadera mine. The production decision and operating plan for the extraction and sale of graphite were not based on any preliminary economic assessment, a pre-feasibility study or a feasibility study of mineral reserves demonstrating economic and technical viability. Accordingly, there is increased uncertainty and economic and technical risks of failure associated with the production decision and operating plan, in particular the risk that mineral quantities and/or grades will be lower than expected, the risk that construction or ongoing mining operations will be more difficult or more expensive than expected, the risk that the Company will not be able to transport or sell the mineralized material it produces on the terms it expects, or at all, the risk that due to the absence of a detailed economic and technical analysis according to and in accordance with NI 43-101 the production and economic variables associated with mineral extractions and sale may vary considerably. Readers are cautioned that no reliable estimates of future production capability or the economics of any extraction activity can be made."

Is this the model for mining in Sri Lanka:
1) find some veins of unknown extent
2) start mining
3) cross fingers and hope for the best?

It's a worrying trend. Cash strapped companies skimping on quality data, skipping drilling, resource/reserve definition, skipping FS stages and piling straight into mining in the hope that "she'll be right" and salvation from cash flow will haul them from the flames.

I found this video which seemed apt: