I'm guessing it's because much of the resources sector is in a...

I'm guessing it's because much of the resources sector is in a bear market where good news is an opportunity to sell down. Sentiment will change sooner or later so that good news will again be rewarded. Just have to wait out being in the doldrums.

Happy to see the company doing a bit of promotion of this step forward they've just made - I assume this is a paid for article.

https://www.a ustralianresourcesandinvestment.com.au/2024/02/13/graphite-upstart-delivers-australian-first/
(remove the space between the "a" and the "u")

"Not only is the plant the largest qualification-scale microniser in Australia but it’s also set to be the first facility in Australia to produce graphite products for customer acceptance testing." and that from a company with a market cap of under $13m.

From the announcement: "Construction of that facility, at an estimated capital cost of $12.5M, couldbegin as early as mid-2024, subject to funding." I'd be very surprised if there was not some government money being attracted to this. It's a shame that they are too early to attract funds from the new National Reconstruction Fund Corporation which first up has $5b to invest but only expects to start making investments towards the end of 2024.