Ann: Drilling Commenced at Copper Hill East, page-19

Ali
I believe that Sally fully understands the selling off of heads , keeping the options, thus reducing risk to committed funds.

I think the main holders of Loyalty Options are not selling their heads holding, I certainly have sold nothing since IPO, on the contrary I have been buying, I suspect the larger holders are doing the same.

The problem we have here is that the market is not reacting to GRL announcements at the moment, additionally I believe that the small tight registry does not promote a trading friendly environment. We are also not in everyone's face being promoted extensively.
I feel that management are working in and on the business believing the share price will follow quality result appropriately.
I feel that the majority of larger holders are legacy from ARL, they are fully committed mostly and are holding the majority of shares in the registry. they are waiting patiently for the rerate on solid news and will most likely continue to hold.

There is a small impact from some smaller holders selling their heads, but the impact from this is minimal IMO.

Please do not forget this fact.
102 shareholders own 46 260 314 shares, that represents 68.05% of the company. (102 shareholders mate) There isn't much left.
Refer to page 58 of this document https://godolphinresources.com.au/downloads/reports/grl_ar2020.pdf

Now consider that 4086 shareholders own the balance of shares on offer. a total of 21 715 085 shares representing 31.95% of the company.
This is where your selling is most likely coming from.

Believe it or not the cohort of 102 shareholders are rock solid IMO
RED