In addition to Flinders, there's Australian listed Valence.Valence Industries, just got into graphite production in southern Australia. Like Big North and Flinders, this is a past producing mine. BIg North's market cap a small fraction of both of these companies. Look at what happens when graphite companies go into production... their stocks perform quite well leading up to production....
Flinders stock, FDR.v, from 32c to 96c, a triple, US$ market cap $40 million, (46mm basic outstanding shares)- company also has 10mm in-the-money warrants at 75c, ....zero debt, $9 million of cash.
Valence- VXR.ax, 41c/shr Australian, VXR stock has doubled to US$ mcap = about $62 million- From a Jan-2014 research note,
"Valence Industries Limited (VXL) is on the cusp of production from its Uley Graphite mine in South Australia. In Phase 1, VXL aims to process and sell 8,200t of graphite from existing stockpiles. Additionally, VXL aims to attract long term customers for off-take which will partly fund the modest cap-ex requirements of $34m needed to increase production to the Phase 2 run rate of 50,000tpa. This will involve the construction of a new processing plant and open pit."