Q1 - 2024, page-62

Not sure about your theory that "many" would chose to exit at 5c based simply on your assumption that it hasnt traded above 7c in 5 years. My reasoning is this:
5 years ago they were a rank exploration company with limited funding and plenty of "Hail Mary's".

Today, notwithstanding a 300% increase in issued capital, at a bare minimum, they are fully funded for 20% of a billion dollar project with known gas, with a secondary and tertiary phase sitting in the wings. Additionally, they are applying for a number of new licenses, which, if successful, will clearly add to their inventory. Withing the next 12-15 months they will have drilled 3 production holes, which should generate $15 mill AUD in revenue.

Furthermore, IF they are successful in sourcing the balance of the funding in the next 12 months they will retain 40% and therefore double those revenue numbers.

In a nutshell, at 5c and with an corresponding EV of approx $110 mill AUD, the market will consider that as far too cheap.