It would appear that the companies competitive advantage has not...

It would appear that the companies competitive advantage has not struck home so I have highlighted some details from the report
Hexagon’s McIntosh graphite concentrates.
The opportunity is to market and sell both product streams into the premium anode market for lithium ion batteries as well as value-added, highly priced additives into the cathodes of a wider range of battery types including lithium ion, primary lithium and alkaline batteries, to name a few.
In summary,
Hexagon is excited about its plans to implement an innovative downstream flow sheet which has adopted the two changes discussed earlier, namely: a. an overhaul of the processing flow sheet in which graphite is refined to at least 99.95+ wt. % C prior to spheroidisation milling or any other downstream processing; and b. a singular spheroidising mill is employed instead of a cascade of 15 to 20impact mills.

The Company considers that this will;
 simplify the spheroidisation classification flowsheet;

 result in significantly reduced energy costs, which is a major cost input;

 dramatically lower repair and maintenance expenses for re-tooling the spheroidisation circuit;

 reduce the physical footprint of the plant compared to a cascading mill operation with a similar output;

 notably increase the yield of spherical product; and  significantly improve revenue per tonne of graphite concentrate feed stock because the portion of concentrate that could not be spheroidised has a premium value as

CONCLUSION
By purifying graphite prior to spheroidising or any other downstream processing, Hexagon ensures that every particle produced in the spheroidising circuit becomes a value-added product regardless of its final shape. By utilising a single stage spheroidising technology the Company anticipates major cost reductions for repair and maintenance compared to that faced by producers utilising cascading milling circuits. By utilising a more efficient next generation spheroidising milling technology Hexagon recovers up to 69.17% of spheres, which is twice the recovery rate of some of the best results obtained in a cascading circuit. The spheroidal end-product will have a purity of at least 99.95 wt. % C; the byproduct, which did not spheroidise is segregated and milled into a conductivity enhancement carbon additive. The purity of the latter is also at least 99.95 wt. % C and its market price may exceed that of spherical graphite in certain applications targeted by Hexagon’s marketing strategy. As a result of these proposed fundamental changes to its downstream processing circuit Hexagon plans to utilise nearly 100% of its run-of-mine, minus 60 Mesh (-250 micron) primary processed graphite concentrate in value-added applications that cover nearly all types of battery chemistries from lithium-ion to lithium primary and alkaline to other types. Product development work on the remaining 50-60% larger flake graphite concentrate material planned to be produced at McIntosh is ongoing. The next round of testing involves utilising the resultant purified, uncoated spherical graphite into the anodes of lithium ion test cells to undertake electrochemical test work