Recent broker data - buying & selling, page-19

In a nutshell, a couple of factors over the last 12mths:

1. The graphite sector itself is down (see other graphite explorers i.e SYR, MNS)
2. The price had a big spike last year and over valued the stock leading to profit taking
3. Capital raising and the exercising of options (34m options)
4. PFS indicated pre-production capex of US$90m and total Capex of US$159M. BKT has not secured any financing for mine construction yet, this will probably be a combination of debt & equity. More importantly, no off-take agreements yet. This important because you want to secure customers you're going to sell graphite to. It's also important because potential offtake partners can provide financing to get the mine up and running.
5. pending further capital raising for the DFS.
6. Currently synthetic graphite is being used to develop lithium batteries - natural graphite needs to prove that it is superior to synthetic. Hence, the battery cycle testing being done by BKT. They can use these studies as proof of a superior product and charge a premium for it.

if point 4 can be achieved, this stock will start to de-risk and then we'll have some big players looking at this company particularly if the battery/EV theme plays out over the next few years leading to increased demand for lithium and hence graphite.