Rennie, ZEN's graphite is worth zero if they can't settle on an economical process for extraction and purification. If they do find a workable process, then it is worth quite a bit (I really don't know what price to assign it if it starts into production). But right now, it is $.64 because they haven't demonstrated that they'll be able to get the ball rolling.

And while they mentioned a pilot plant in the release introducing James Jordan, nowhere have they said they are building one yet. " with initial responsibility for overseeing all metallurgical functions related to the Company’s upcoming pilot plant." http://www.zenyatta.ca/article/press-release-3423.asp

I believe they have alluded often to their upcoming PFS in other releases. When they announce they have begun testing in bulk, that is when they are doing it.