Ann: Shaw and Partners Graphite Conference Investor Presentation, page-2

What am I missing with BKT? I've watched this dribble downwards for the last year or so and throughout that period, everything they said they were going to do, they've done. The resource is massive, costs are low and we're expecting term sheets in Q2 CY23 - that's in the next ten days and there doesn't seem to be a reason for this to be an issue. Analysts are saying it should be at 28c
This is the first time I've invested in an African mine and I understand geopolitical issues - is that all it is? Is there something else I'm missing here?
I'm no expert on share trading but just can't wrap my head around this one.
Thanks for any info