Ann: Magontec Press Release 2022 Annual Result, page-9

I agree that Magontec has pulled itself up by the bootstraps, largely through the efforts of the current Board and Management, and for the most part is now a stable and modestly profitable business.
Against that is its history, US tariffs, and Golmud.
An investment in Magontec since 2013 has returned approximately Zero (depending on timing). If one had bought at the float of its predecessor, Aust Magnesium, in 2002, the result would have been even worse. An attraction of Aust Mag was that its patented alloys would take market share from aluminium and its alloys.
Perhaps that dream will be realised when the Qinghai cast house springs into action.

Chinese sourced magnesium is almost priced out of the US market, although since the Utah processor closed there is probably considerable incentives to bypass the tariffs. But if the US and perhaps the rest of the West slap trade bans on China for (say) selling arms to Russia or attacking/ invading Taiwan, then magnesium production and Magontec sales (with the exception of recycling) will come to a virtual standstill.

Regardless of successes in their established businesses, Magontec's growth strategy is centred on Qinghai.
The promise of 50000 M tonnes of (relatively) environmentally clean, pure molten magnesium feeding the specially build cast house has been the pot of gold at the end of the rainbow for the past ten years. As of March 2023 it is still a dream.
I doubt that professional investors have missed MGL on their radars. Apart from the previously-referred to liquidity issue, they are probably just wary, and if they are existing investors, retail or professional, they would also be weary.