I think some of it is churn, so buyers and sellers trading to influence the market. Some would be those who got in a lot lower especially for different reasons eg. before they got into rare earths and simply do not totally appreciate the new breadth of assets. I still believe their is a lot of manipulation and a number want this stock sold off to others on the cheap so they can attempt to control the resource in other hands
Some, in Australia in particular, are too tied up with property and mortgages to take advantage of such opportunities as well in the sense the buyers are not as strong as they otherwise would be. Others are worried about the global outlook, uncertainty some of this could be generational as others with big wallets have different timelines and perspectives on outlooks and risks.
The other thing is overall a paradigm shift could likely be occurring. Some may not be recognising this and are overallocated in other areas
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