I think you make points with a very limited prespective of Graphite and its uses in the future and not looking at the big picture.

First , there are many uses for Graphite that you forgot to mention?

(1) Energy & Energy Storage - Global demand increasing greatly. Fuel Cells & Vanadium Flow Battery  (2) Transportation (Electric vehicles) Li-batteries; forecast to increase to $12 billion by 2015 related to green vehicles;  (3) Electronics - Smartphone market growing at 33%/yr by 2017. Tablets are fastest growing segment for electronics market.

Applications in military, aerospace, energy & medical:Pebble Bed Reactors

World trend is to develop products for technological applications that need extraordinary performance using ultra-high purity graphite powders: • Lubricants • High temperature coatings • Semiconductor Technology • Thermally conductive polymers • High quality synthetic diamonds • Raw material for graphite foil • Additive material for plastics & rubber • Construction Building Material

And don't forget future demand for Graphine !

For example, Tesla or nuclear users need high quality graphite for many many years

Where did you get $300m Capex, AE said under $200M ?

Also if PEA shows SP of $8,500 conservatively, cost $1,000 is $7,500 * 30,000 Tonnes per year = $225 M of pure cash inflow per year , that is 1 year payback. Rest is gravy. Even if LI IO techhnology changes, Graphite has namy other uses as stated above it is not a one trick poney either as you seem to suggest. Many miners will drool at such numbers don't you agree?

Also the annual demand for Synthetic Graphite is 1.5M Tonnes per Year and there would be no problem supplying 30,000 Tonnes per year by Zenyatta ( 30,0000/1,500,000) is supplying 2% of Market. Are you suggesting synthetic market will become zero??

Also note :

Synthetic - To turn petroleum (needle) coke into graphite requires extensive thermal treatment (3000°C) to burn off contaminants & re-arrange graphite layers. Very costly (up to $6,000/tonne) to make; only 5% of world supply of petroleum coke can be converted to graphite; environmental issues with this process as well.

• Natural - (high purity) graphite has advantages: Natural graphite anode has higher specific capacities than synthetic graphite. Natural graphite is highly crystalline leading to high quality for new tech.

Cheers.