Ann: Patriot Battery Metals Commences Trading on the ASX, page-232

The 'free float' garbage you were just fed is just that. The 10 to 1 difference is because on the ASX you are not buying a share but instead you are buying what is called a CDI (Chess Depositary Interest). To all intents and purposes, both shares and CDIs are equivalent financial instruments.

CDIs came into existence because it is often not possible for companies incorporated overseas to allow share transfers through the ASX's paperless settlement system. There are now lots of foreign companies with CDIs listed on the ASX.

Occasionally, the CD is traded on a one-for-one basis with the overseas listed stock. In many cases, though, they trade on a different basis, for example, 10-for-one. And, as Australians prefer stocks which trade at lower prices, PMET CDIs trade on a 10 for one basis. This explains why the local CDI price is (very) roughly one-tenth of the U.S. share price, after converting to Australian dollars.