Jest Node modules are not being mocked as stated by the Jest documented

I want to mock a simple component library react-native-indicators with Jest. As the Jest documentation states:

Mocking Node modules

If the module you are mocking is a Node module (e.g.: lodash), the mock should be placed in the mocks directory adjacent to node_modules (unless you configured roots to point to a folder other than the project root) and will be automatically mocked. There's no need to explicitly call jest.mock('module_name').

Ok, makes sense. I created my own super plain implementation in __mocks__/react-native-indicators.js:

import React, { PureComponent } from 'react';class MockMaterialIndicator extends PureComponent {  render() {    return <></>;  }};export {  MockMaterialIndicator as MaterialIndicator};

I now expect Jest to 'magically' use this implementation, just as the documentation states.

However, when running my tests, Jest still can't seem to find MaterialIndicator:

TypeError: Cannot read properties of undefined (reading 'MaterialIndicator')      42 |             : 'rgba(0,0,0,0)',      43 |         }}>> 44 |         <MaterialIndicator color={Colors.primary} />         |          ^      45 |       </Animated.View>      46 |     );      47 |   }      at Loader (src/components/Loader/Loader.tsx:44:10)

Here's my full Loader component for reference:

import React, {useEffect, useState} from 'react';import {MaterialIndicator} from 'react-native-indicators';import {Animated, ViewStyle} from 'react-native';import Colors from '../../themes/Colors';import styles from './styles';interface ILoaderRequiredProps {  modalVisible: boolean;}interface ILoaderOptionalProps {  withDarkOverlay: boolean;  overrideStyles: ViewStyle;}interface ILoaderProps extends ILoaderRequiredProps, ILoaderOptionalProps {}// by default use the dark overlayconst defaultProps: ILoaderOptionalProps = {  withDarkOverlay: true,  overrideStyles: {}};function Loader(props: ILoaderProps) {  const {modalVisible, withDarkOverlay, overrideStyles} = props;  const [isLoading, setIsLoading] = useState(false);  useEffect(() => {    if (modalVisible !== isLoading) {      setIsLoading(modalVisible);    }  }, [modalVisible]);  if (isLoading) {    return (<Animated.View        style={{          ...styles.wrapper,          ...overrideStyles,          backgroundColor: withDarkOverlay            ? 'rgba(0,0,0,0.5)'            : 'rgba(0,0,0,0)',        }}><MaterialIndicator color={Colors.primary} /></Animated.View>    );  }  return <></>;}Loader.defaultProps = defaultProps;export default Loader;

What am I doing wrong here? Why can't Jest find my mock React component?