Another thing to remember is that the secrecy of this particular market and the NDA's goes both ways. Going back to our DF story - everyone knew the price of nickel and cobalt and I am sure evryone could guess the size/cost of the capex and the cash production costs. As someone noted, mature industry with mature and public information.

With graphite being a top secret cone of silence industry, the NDA's would give the end user access to the Albany property and product information BUT ZEN by virtue of the NDA, the specific characteristics and the knowledge of Dr. Charar would know the value of the synthetic they are currently buying (and probably how much tonnage).

What I am getting at is - the value of the product will likley be quite different for different end users and Zen would know this. If Company X is buying it for $9K and they offer ZEN $10 per share this even in Zen's mind may be a good value (or the most the X would pay). Company Y may be paying $16K and using twice as much, so the value to them is multiples higher.

This would not be the case with a gold mine or base metal mine.

I recall AE telling me that most of the Japanese companies ONLY need 99.90% purity "but why sell it them whne you can sell it to an end user who wants 99.97%+ at a higher amount"?

It is easy to see why most investors and institutions 'don'e get it', but it is just as easy to see why those who do get it are excited about it.