The resource now stands at 30.7 million tonnes grading 9.9% total graphitic grade (TGC) for 3.05Mt of contained carbon.

Epanko is seen as a circa 40,000-60,000t per annum producer of graphite concentrate, with pre-production capital previously estimated at $US77.5 million and average annual earnings pegged at $30.3 million – from the production of 36,400tpa of concentrate.

Kibaran’s focus is supplying markets outside of China and using realistic (rather than “heroic”) pricing assumptions.

The company has said its base case pricing does not include “value capture for sales into high growth markets such as spherical and expandable graphite”.

Kibaran started 2017 with $A7.3 million cash.

Shares in Kibaran were up 5.6% to 19c in early trade, capitalising the company at $46 million.

The stock has spent much of the past two years trading at levels between 15-20c, spike to over 30c in mid-2016.