" If there is so much uncertrainty about targeting a moving industry, what mining company will be willing to dump $650M-$1.2B ($10-$20/share) for a material with future pricing and market uncertainty?"

And for every door that opens one more opens. So even if battery use of graphite reduces, the sea of future use opens up into graphene, high end structural and electronics. The future for graphite hasn't even begun and I would pose that some of the groups at the Zen table have uses that don't even show up on the public view finder. Think....unfortunately....military. Ever wonder why Zen got funded by gov't effectively for research? I do, however agree with your looking at all possibilities.