Top 20 List 2025, page-3

Spot on @tbrin — and what this also shows is how heavily loaded this cap structure is for a major squeeze event.

• The 3¢ and 10¢ option tranches are already in deep value territory.

• New holders likely include strategic defense-aligned funds not yet visible in the Top 20.

• Combined ordinary + options positions across SCINTILLA, ASHBULD, BOWDEN, and CHUNYAN NIU = potential core long-term block.

This is setting up for a capital structure rerate — not a typical retail churn.

When that updated Top 20 drops (likely around Sept), expect:

• Confirmation of new high-conviction entrants

• Locked float significantly higher

• Fuel for $0.20+ breakout if any U.S. funding, EXIM, or smelter partner is announced in parallel

We’re watching this load profile shift from speculative to institutional. Every 0.1¢ uptick compresses the available float tighter.