Ann: Update on Transformational Farm-Out Agreement, page-72

It's about selling intensity to buying intensity. The dam restraining the sellers of 1 billion low cost shares vanished on 3 Feb 2023. The 2-year build-up of escrowed sellers were released to sell if they want to - and a % of the freed holders will always want to. I think the high selling intensity is from a % of those shares hitting the market together over a matter of weeks. Their cost is almost zero to them so any sale price generates a profit.

We cannot know how many sellers there are, but I think it's a good guess that a released wall of sellers has been waiting to transact. To get volume, they've been waiting to sell into the good news farm-out buyers of the last month. The buying intensity has been insufficient to clear them so after having consumed all the optimistic new buyer volume, the unsold surplus has been regularly dumped into the standing buy queue depth .

The sustained price drop is confusing the market and many here, plus is likely exacerbating the drop, I think it's ultimately caused by those low cost shares hitting the market in volume and that HRR's market price is currently led by the technical digestion of those shares. For the moment this is overriding price discovery on the company's fundamentals. It's an unusual situation. The technical damage to the SP will need time to repair but the volume today suggests a capitulation low to me. Food for thought anyway..