Can someone please explain, page-126

Probably one of the misunderstood graphs in the junior mining space. Aside from the pre-discovery phase, the orphan phase is actually the best time to speculate.

Also, the graph may as well be a chart for a commodity's boom-bust cycle. Under-investment leads to sector under-capacity, which leads to under-supply, which in turn leads to higher prices, then comes investment interest, which leads to over-investment and over-capacity, giving way to excess supply and lower prices. Rinse-Repeat. Look across the lithium stocks, any wonder why so many go through the same phase of the life-cycle together? E.g. 6 companies currently in the development stage.