Some thoughts I believe that Energizer's - CAPEX divided by Annual Tonne of Production figures looks high -and is not valid when compared to some of the other graphite companies. See the Chart from the link below. The CAPEX figures on the Chart are very likely in the same currency to make the numbers look valid. https://static.cdnseekingalpha.com/uploads/2015/6/8213361_14332837613403_rId8.jpg
Particularly low CAPEX divided by Annual Tonne of Production exist for the usual suspects:
Syrah $138,000,000/356,000 =388
Magnis $171.400,000/240,000 = 714 * revised fro 857
and Triton $110.000,000/210,000 = 524
Since then Magnis increased its annual tonnage estimate of graphite in concentrate from 200,000 tonne to 240,000 tonne and lowered the percentage of concentrate recovered per tonne from 5.4% to 4.79% or 0.61%.
Note that Triton has not traded since 03/02/2016 after a Voluntary Administrator was appointed.
Magnis' BFS on 04/01/2016 indicated strong economic returns. https://www.miningreview.com/features/magnis-resources-nachu-project-bfs-delivers-strong-economic-returns/ Earlier on 02/01/2016 Magnis Resources declared an updated Mineral Resource Estimate for the Nachu Project. The global Mineral Resource Estimate comprised 174 Mt at an estimated ore grade of 5.4% graphitic carbon and was reported in accordance with the 2012 Edition of the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves (JORC Code, 2012).
The Chart from Seeking Alpha earlier indicated they would produce 200,000 tonne of graphite concentrate annually.
In their 04/01/2016 report Magnis said they would produce 240,000 tonne graphite annually in concentrate from a total proven and probable reserve of 76 Million tonne grading 4.79%.which equals (240,000/0.0479) or 5.1 million tons of ore treated annually or excavation of ore plus waste of 7.52 million tonne at 1.5:1 strip ration, of which treatment and excavation should be very expensive.
Both Energizer and Magnis' Graphite ores are mostly large to jumbo flake sizes, but Energizer's 22.4 Million tonne of ore grading is 7.02% has a much lower strip ratio of 0.81. If Energizer had the funds to convert half of its Measured and Indicated Resources to Mineral Reserves one can see that half of the 100.4 Million tonne of Measured and Indicated Resources would make 50.2 Million tonne of reserves at about 6.3% to make for combined reserves of 72.6 Million tonne grading about 6.52%.
Syrah claims that she can build its plant for $138 million and produce 356,000 tonne of graphite concentrate annually. Her 2016 AGM Presentation of 05/26/2016 said she has a compliant Ore Reserve of 81.4 Mt at 16.2% total graphitic carbon. https://www.goldseiten.de/artikel/287172--Syrah-Resources-Ltd~-2016-AGM-Presentation.html As a result I'd be careful with Syrah.
Triton said she can develop it's mine for $110 Millio and produce 210,000 tonne of graphite annually, however their being in Voluntary Administration puts a cloud over them.
It seems that all three of the Companies are on the African Mainland in Mozambique and Tanzania should have very high production costs to mine their projects while advertising very low - CAPEX divided by Annual Tonne of Production – figures.
For Energizer, one should consider the fact that a large portion of her earlier development funds were expended on the development of Battery Grade Vanadium which suffered a lost of interest that should return over time. The vanadium work resulted in Energizer having limited funds for its graphite mine development which could be the reason for the proposed lower annual concentrate production of 53,017 tonne of graphite. See https://www.energizerresources.com/2015/373-energizer-resources-inc-announces-positive-results-of-its-feasibility-study which was published on 02/06/2015.
In addition Energizer has a high percentage of large flake graphite at a better grade and a lower strip ratio.