I understand where you are coming from and I agree with you that investing in projects without feasibility studies is extremely risky, however with higher risks comes higher rewards and if stage1 6000tpa is successful it automatically derisks stage2 expansion to 20.000tpa. Time will tell ! the graphmada mine is now ramping up production in preparation of first shipments, we will know soon about quality of product achieved and real capacity of the mine, and hence expect big news from the company and a substantial re-rate of the share price over the coming weeks !
