Hexagon Looks Beyond The Swarm, page-13

COB is cobalt though and it is a play thing for day traders at the moment. You're right they have done well, but look at graphite peers like TON, SYR, LML and SVN. They haven't done anything in the last 1-5 years but dilute share holders. You could do a lot worse too. eg. MOX and SER...

Getting to production and proving that they have a high-quality product is the key to graphite, because grades can have such a big effect on the sale price.

With this deal and proven, high-quality product, HXG is on track to reach a stable 5-7x current MC in less than 3 years.