Probably a few reasons. No pie in sky forecasts for production...

Probably a few reasons.
No pie in sky forecasts for production targets and costs. No sexy sales targets or off-takes.
Just steady as she goes progress from management towards a realistic end goal, that is not exciting at all for new investors. There's nothing exciting about how much graphite is in the ground, or how much graphite KNL is planning to sell. KNL is not going to set the world on fire.
KNL does not have funding for capex lined up to get into production. Would any fund put decent money into this stock without financing? There's still an incredible amount of risk here at face value and discrepancy in regards to capex required and MC. KNL needs to find almost 3x the MC to build a mine that will not produce/sell much product. Obviously not a viable business plan.

You've been following KNL for a while. Despite the above I get the impression of quiet confidence in the announcements, and discussions I've had with management. What are you're thoughts on KNL's prospects and why 'investors' see straight through the apparent progress?