In the graphite industry, direct like-for-like comparisons are not feasible due to the distinct characteristics of each company, which may range from those exclusively producing flake graphite to fully vertically integrated operations. It is essential to understand the specific operational stages a company is in—whether that be Exploration, Feasibility, Development, or Production. By accurately identifying each company’s position in its lifecycle and the products they are producing, we can enable more meaningful comparisons despite the inherent variations.