Ann: Successful A$16M Capital Raising, page-5

There are fundamental reasons unrelated to that.

It rose in price because of what occurred in the nickel market globally. When that was resolved it began to return to something more resembling fair value for the data ARL has on what's in the ground.

Then the MOU was announced which is a huge bit of news for a company like this.

Then here we are today and ARL has used the high to raise and minimize dilution.

All of this is against the backdrop of there being almost no large share parcels available since most holders here have them locked up and are not trading them in expectation of a deal getting signed (or not getting signed).

Hope that clarifies if you are new here, not sure if you were aware of this or not.