Why so cheap??

Hi Everyone,
Stumbled on RNU a little while ago, done a fair bit of of DD and cant for the life of me understand how a coy with such a good resource with great metrics / infrastructure / sov risk is valued @2.6c leading in to a PFS?? Not only that but havnt been able to garner an offtake partner yet?
Yes I understand that China dominates the market, but it is well known now that China will no longer be able to supply the worlds demand going forward as they are stock piling graphite for their own future domestic use as they exit out of combustible engines come 2030.
Rnu is a screaming bargain IMO, if it was a li coy with 80mt it probably would be worth north of $1.00!!

Amazing, am I missing anything here?