Interesting Article The link at the bottom talks about the coming demand for lithium and graphite among other metals, with the emphasis on graphite. It goes on to mention five companies, one of which is mainly a processor of graphite and the others potential graphite miners..
They mention Syrah - the big mama - among graphite start -ups and include Energizer. It also mentions Energizer's dilution and the positive support from Dundee and Sprott.
I still feel that Energizer should form a 50% Joint Venture with Dundee, Sprott, JP Morgan and VR Capital Group Ltd. The price of obtaining the 50% JV would be the surrendering of their Energizer shares to Energizer to be held in her Treasury for it's part of future expansions of the JV.
The Madagascar property is large and while 50% would go to the JV Partners, the initial financing will be cut in half while future growth would be ensured by dual financing and the size of property.
For initial financing the JV group could help Energizer get fair financing.
https://seekingalpha.com/article/4010559-tesla-giga-factory-among-others-may-cause-lithium-graphite-shortages