BSM is currently at MCAP $6.7M per kt of production. SYR is...

BSM is currently at MCAP $6.7M per kt of production.
SYR is currently at MCAP $4.4M per kt of production.
Broker estimate for SYR gets us to MCAP $5.5M per kt of production (based on 250kt).

Earlier this month SYR were at about MCAP $6.4M per kt of production.

(see https://hotcopper.com.au/posts/37179699/single )

So MCAP $5.5M per kt of production is probably a good balanced number, noting where BSM are at now ( MCAP $6.7M and were at MCAP $6.9M earlier in the month ).

I wish we had more producing peers to compare with ( more data points for averaging ).

I can do earnings-based estimates again once we confirm level of dilution.

BAT hasn't had the hype of some of the other graphite stocks. They were always more boring and low hype. There are worries about oversupply in the next year or two. SYR sentiment is low at the moment. Read some of the SYR threads. Apparently the plant was chinese-built ( can anyone confirm? ).

I would prefer to be invested in a project that can sustainably grow, based on their growing cashflow to help achieve finance for expansion ( rather than the big projects that many are trying to finance ).

The big projects will have pain if they can't ramp up to full nameplate to sufficiently cover any debt they are carrying. They need enough offtakes and they need the pricing to be strong enough.

I think in the graphite space as well, some Offtakers may be poor-quality from a financial robustness perspective. Look at the troubles AJM had with one of their Offtakers.