RE: TeTsuo You are indeed correct Slash, we will indeed need to wait (patiently) for the PEA, as there has been no modern locked cycle test figures yet published.
Let me put it another way. If you take the $900 NGC production cost and adjust it (as is) from the 2% to 16% grade, FMS cost would be $113. If we assume it costs double per tonne to process (really giving pain out to FMS here) for FMS the cash cost per tonne would be $225. Then let us assume that vast improvements from modern locked cycle recoveries don't work for FMS graphite ore (contrary to every other mining recovery operation in the world) and FMS has to then throw away 50% is worthless, which let us say (without any proper calcs being done, as it would effect revenue not costs) this again doubles the cash cost, FMS cash cost at $450 is still 1/2 that of NGC.
Extreme example, but i honestly fear for investors here. Maybe it will all work out, i hope it does, but incessant pumping by you and the other one here, could distort the real picture. I like realism.
All imo.