M & A wwill come to industry in due time
https://www.manufacturing.net/news/2014/02/mining-companies-seek-graphite-for-tech-needs
Don't know who the targets will be nor when the trend will start but it is not logical that things remain as they are.
Two pronged approach probable. First existing players merge . Second at the same time users of graphite take down stakes in promising players to assure supply. Included in this area could be countries like China buying potential producers in other countries. They could use either producers or consumers of graphite to manage the takeovers.
Not rulling out a third prong, involving non graphite related billionaire activist investors getting involved. Note that York a director of FMS and the largest insider shareholder has an enterpurnial background, Prinecton MBA, and his fortune made in supermarkets.