Ann: Excellent Drilling Results from Mulgabbie North, page-16

Hi@Aliasdavejay

I hate when there is confusion about issues like this.

Most recent announcemnt regarding it stated 57,284,000 shares were released from escrow on 8 February 2023, being 2 years after the restrictoin period
https://cdn-api.markitdigital.com/apiman-gateway/ASX/asx-research/1.0/file/2924-02629187-6A1135458?access_token=83ff96335c2d45a094df02a206a39ff4

This lines up with the capital structure disclosure from 27 January 2021
https://cdn-api.markitdigital.com/apiman-gateway/ASX/asx-research/1.0/file/2924-02337942-6A1018927?access_token=83ff96335c2d45a094df02a206a39ff4

Parts 2.21 (p 34) and Parts 10.4 (p 196) of the Prospectus dated 10 December 2020 are particularly relevant. Further, the Escrow Agreements were reached with related parties that held Restricted Securities.
https://cdn-api.markitdigital.com/apiman-gateway/ASX/asx-research/1.0/file/2924-02337934-6A1018919?access_token=83ff96335c2d45a094df02a206a39ff4

If you look at the Initial Director's Interest Notice from 9 February 2021, you can see that nearly the entire 57,000,000 shares held in escrow were those of the 4 directors. The vast majoirty (43+ million) being held by Andrew Pumphrey.
https://cdn-api.markitdigital.com/apiman-gateway/ASX/asx-research/1.0/file/2924-02339367-6A1019488?access_token=83ff96335c2d45a094df02a206a39ff4

As @Just4kicks pointed out, Martin Holland (now former director of OZM) has recently sold some shares on market, and may continue to do so.
https://cdn-api.markitdigital.com/apiman-gateway/ASX/asx-research/1.0/file/2924-02625479-6A1133724?access_token=83ff96335c2d45a094df02a206a39ff4

However, under the disclosure obligations, there will need to be updates regarding disposition of shares by significant holders (which is the above disclosure re Holland). As such, you will know if Pumphrey or Holland sell any of their shares shortly after they have done so.

More than being top 20 holders, they are directors of the company. They also have restrictions (no longer Holland) but the other three can only sell shares in certain windows, due to their insider knowledge of the company.

All in all, the recent release of escrow shares is almost a non-issue. They're exceptionally tightly held.

With the continued solid drilling and metalugrical results, it looks like the company is in a strong position. This is just (sadly) currently not reflected in the share price.