Hey @Macca571 - as I suggested on the 6th, the Joint Development Assessment Panel (JDAP) did approve EcoGraf's application for the development of their new EcoGraf™ Battery Anode Material (BAM) Facility in WA (approved on the 6th), and somebody obviously knew that - which is why the SP rose +6.5c/share (or +17.33%) on the day - but then it turns out that this approval was more or less procedural and expected, so the share price then dropped -5c/share (or -11.36%) yesterday (on the 7th, when EcoGraf made the announcement - Approval-Update-for-HFfree-BAM-Facility.PDF) - and then they rose half a cent today (most companies' share prices rose today).

The issue seems to be that they are just a $175m microcap company with limited market liquidity that will tend to rise and fall with sentiment while they are still in the development phase.

I expect that the JDAP approval would have caused some buying on Tuesday and then Wednesday's announcement reminded people that the JDAP approval was conditional and they still required a Works Approval from the WA Dept. of Water and Environmental Regulation (DWER) and that DWER is completing its assessment of the proposed development under the Western Australian Environmental Protection Act 1986. So there's still water to flow under this bridge, before GNG (GR Engineering, who I own shares in) start the actual construction of the facility. I believe it will go ahead, but it will take time for all of the approvals to be received and for construction to actually begin and to then be completed, and I don't think anything that happened this week had any major impact on EcoGraf's prospects one way or the other, as it was all just part of the process.

The market just tends to overshoot in both directions, particularly at the smaller end, with people reacting to small moves and turning them into bigger ones - mostly on the basis of FOMO.