Short answer is the company doesn't make any money yet.Long...

Short answer is the company doesn't make any money yet.

Long answer
Understanding the space you are investing in key. The company is in a transitional phase from an explorer speculative stock into a producer, and with that comes risk. Commodity prices, Capital expenditure, and finance for the business.

As you may know speculative investors jump on anything that looks like it will discover the next huge deposit of whatever it is, and when the company does the share price booms, the investors ride it up, more pile on, companies raise money, share price drops, those investors who bought ultra low sell at highs and go onto the next big thing.
Those who stay believe in the business getting up and running. This involves the business being revalued in a grey area of net present value crossed with earnings in this case zero.
Cheap Chinese graphite dropped the market and delayed the progression to sign off take contracts.
The market didn't like this, and as no deal has been signed, it's being valued on earnings presently of around 5m interest. When we had institutional holders from entering the ASX300 they short sold the stock by 66M shares if i remember, and you get a drop.
Those who bought up high sell at lows.
Company now needs new investors.
If you invest now, and trust in the companies plan to get this mine running, congratulations if it does, as the companies earnings are likely eventuate into 100's of millions, which the share price will then reflect.
Here is the key thing. If you get in at this level you will have many more shares, than if you buy in after the investment is a sure thing, and this is well before institutional investment comes back and every other buyer does too. But that involves risks like today, and hence understanding what you are invested in.

Here are couple hypothetical scenarios
Now lets jump forward 3-5years
Senario 1 - you have $40k to spend on shares, and Renasor is looking good as they're in production now and the sales figures are coming in better than expected from a production ramp up, and price is $60c so you decide to invest the $40k for 66,666 shares, and the price moves to 80c yay! you just made $13k profit! not bad.

Senario 2 - Present day, You decide to take on more risk and uncertainty (and weary holders) and ride it out, because you can see the company is professional and making excellent progress with every ann. You see the future market for graphite is growing, as the preparations and path to mine is continuing in the background, and deduce it is only a matter of time before an MOU partner contract is signed, so buy 1m shares at 4c with your $40k. You ride the ups and downs for years (or trade it for different maths) and the share price one day in 3-5yrs is at 60c going to 80c and it does. Congratulations you just made $200k, on top of the $560k already made just holding, giving you a total of $760k profit! And likely moving into dividend territory soon. Very good for the $40k investment. As they say bigger the risk bigger the reward.

Senario 3 - is the same as 2, but company doesn't get into the graphite business, but still has $100m in the bank , share price is still cash value (probably not), and you still have close enough to $40k (probably not) and the company still owns gold, uranium, and rare earths tenements. But you are invested in a cashed up company.