Probably a combination of many things as has been discussed on...

Probably a combination of many things as has been discussed on here already

The company comes with history, and baggage from previous moments of oh so close ... but only to stumble at the finish line.
This is probably weighing on the company - but you also have to remember that it wasn't that long ago when the company had a market cap of $800 million plus and was running hot for a moment in time, and even getting abit of media attention, but again to stumble at the finish line.
Those were the days of our covid test- possibly a best in class test, but alas we were too late and possibly it wasn't handled in the best way, but we went to 50 cents on that - so you have to wonder what a battery product or two could do if sold to some big names

I think we also have too many retail customers and not much in the way of institutional or large holders, and many holders have been here for a long time, myself included, and many are probably overweight in this company as it is. We can't keep supporting the share price of those that want out, or when the company needs more funds alone.
So we also can't support a capital raise for those going that way of thinking (existing retail holders only contributed $560k in the last raise well short of the target), so the company either needs a deal, grant funding (which could be imminent and likely from more than 1 grant), a possible loan (federal?) or a new large holder.

If we were US based, it could all be different (but then we probably wouldn't be shareholders), if we had $10m plus in cash in the Bank it would also be different, we could be a little more patient.

But you also have to remember while we have been in the battery space for a few years, we have only made real progress this last year (thanks to David .. and probably Ewan) - and that is a short time-frame at this level of business.

Some may argue that the company is also keeping too quiet on things. I actually didn't think them too bad last year for most of it and they put out a fair bit of information, including a number of KPI's, which alas they again kinda stumbled at and for which we are now told they were always going to be hard KPI's to achieve anyway, but we were told that after the fact. I think comms have soften of recent and that may have been the Ferro case.

I do question if proposals have been put in front of companies, whether that's all that has happened (they are on a desk somewhere) or is there real negotiation going on and contracts imminent - as these proposals have been out for a little while.

But I think AnteoX will sell, its just too good a product - it can improve silicon anodes, reduce costs etc, but we need to get it out there, even to smaller electronics firms first as we need revenue. AnteoX also doesn't need our Ultra Silicon anode to work, it can improve any silicon anodes performance.
But hopefully we should also see at some stage a deal with EV1 using AnteoX in their Anteo tweaked anode, and that will certainly move the shareprice.

The AnteoX production side of things may still be weighing on some companies minds - can AnteoX be produced in quantity - so perhaps we need to get the Brisbane facility fully commissioned as well, just to prove the product can be produced on mass - also a lot of companies (Wyon ... probably Trinseo) won't be looking at licencing AnteoX (like an EV company will likely do), but buying it in the first instance directly from Anteo, so we are going to need some product ready.

Just a few thoughts ...