Good Points.

However, imo, most of that is baked into the stock price.

Last time I checked (a couple of months ago), the market cap of Zenyatta was head and shoulders above the other junior graphite stocks. And some of them have already released decent feasibility studies. One or two of them could be in production within a couple of years. Zenyatta is at least five years away from production.

I am terrified of the metallurgy. Yes, they produced nuclear grade purity, but it appears the lab process developed to achieve that ultra high purity is not viable for production. So, now they are developing process 1.1. I will wait to review the final data from this new process.

For all we know, Albany graphite may currently be at 97 - 98 % purity with the new process. We just don't know. And if that is all they can achieve with flotation and caustic bake, then the shares are overvalued. The bright spot is the improvement in the graphite purity of the flotation concentrate (up to 92.5% Cg). If Zenyatta can further optimize the process so that the the purity is consistently in the low to mid 90s, this will go a long way to calm the skeptics.

Metallurgical issues have completely sunk or greatly reduced the value of many promising exploration plays. So, if this happens to be the case with the Albany deposit, it won't be the first (or last) time.