Ann: Black Rock Signs MOU for Rail Transport from Mahenge, page-8

I tend to agree with you. It is baffling.
I've been reading a lot of articles about why lithium stocks took off during the same time period and graphite didn't, even though there is considerably more of it in the cell.
Ultimately experts believe it comes down to two main reasons, (and one little one)
1. The fact that natural graphite is a relatively new concept in the mass production of batteries, synthetic graphite has ruled supreme until very recently.
2. No worldwide market pricing. China controls synthetic production. There is no need for a global market if you are the market.
(3. The name 'lithium ion battery' is great advertising for lithium stocks.)
We need to consider and accept natural graphite at the increased scale required will be a new global market. It's not one yet, in reality us shareholders are pioneers in this market, (what a great opportunity!) 2025 is when experts think graphite will emerge as the cash cow it is. Investment focus will only start shifting focus when natural graphite is time proven at scale. As worldwide scale increases, there is a reasonable belief natural graphite will become a commodity traded on exchanges. I can only salivate at the thoughts of graphite stock prices when this happens.