Definitely think it's mispriced at the moment. On an objective...

Definitely think it's mispriced at the moment. On an objective analysis, KNL is about to have 3 binding, western off-takes, German govt in-principle debt guarantee, one of the best flake distributions/purity levels/met results for it's graphite deposit, completed BFS, measured resource, etc. While the funding is taking it's time, no-one else has as many boxes ticked for finance as we do. And when we do finally announce funding, we are going to have achieved something that SYR couldn't, which is going to be an eye-opener for some people (and at that same point, KNL will suddenly be able to be purchased by the funds/instos that have thuse far not been allowed to purchase into KNL due to it's lack of approved finance and smaller market cap)

As to why? I've grappled with that query for some time, and I keep coming back to my initial thinking a number of years ago. When SYR was growing into the market darling that it is, followed by TON, then LMB & VXL (MNS wasn't really on the scene at the early stage), they were all spruiking big production profiles, large Chinese deals, with focus on high tech product. They also focused on deposit size. KNL instead told the truth:
- you can't go from 0 - 25% of global production immediately
- large Chinese off-takes aren't genuine, or binding
- starting small is better, then build organically with your existing clients
- deposit size is irrelevant past a certain point. Graphite is not a rare commodity in the world (witness TON and SYR each arguing they have the world's largest deposit, with enough graphite to supply the globe for years and years). What is rare is every individual deposit, because every deposit is unique, in both good and bad points. For most deposits, they have more negatives than positives (purity levels, distribution, depth of recovery, expandable qualities, etc)