As someone watching TLG over the years, I suspect it's to do with the rather slow pace of progress that is inherent to many EU based mining projects which often involve a lot of time-consuming environmental regulations. Also, graphite is only just now picking up in price due to solid EV growth and was in the same boat as lithium for some time.
However, things are quickly improving.
* Graphite prices are climbing. Fines (as opposed to large flakes) will dominate mesh size sales due as all the future growth coming from spherical graphite anode production
* Integration of mine/spherical graphite plant, while costly and time consuming, is a big multiplier
* Importantly for EU operations, the current war, has highlighted very real dependencies on external supply for energy related industries. As a result, the traditional endless red tape to approve mines etc in the EU are being actively fast-tracked by political pressure from up top. Seeing this in numerous projects and this is what make me confident that TLG will get all its paperwork stamped without much pain.
As someone watching TLG over the years, I suspect it's to do...
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