JMO
My feeling is that the Market Makers are lowering Energizer's share price by trading amongst themselves at low volumes and accumulating shares sold by frustrated shareholders.
Doing the above is relatively easy as we have the condition where graphite prices have fallen since April 2012.
In addition, the many unsupported claims made by explorer/developers which lack the proper supporting data should eventually catch with them and put the focus to companies with proper resources.
When the market becomes aware of the unsubstantiated claims along with likely increases in graphite prices, companies such as Energizer with the results from the 3 Phases that includes the Pilot Plant testing and leads to the Full Feasibility Study, I expect that the MM's will likely place their accumulated Energizer shares into the market an much higher prices.
JMO
https://www.stockhouse.com/companies/stories/t.egz/8848244