I can only give my reasoning for my own investment and not advice, there is some others here in the T20 who might give their perspectives also.
FDR is highly volatile and doesn't take much volume to trend us down. The inverse is also true, which can be seen by our last rally doing 35% on ~$150k worth of shares, and previous moves before that. Even though about 80% of the stock is in large positions with longer term holders, there has been selling by holders with shorter time horizons or change of conviction, which is fair to them.
I'm optimistic because I'm viewing FDR as a deal-making company, not as a binary outcome explorer. The company has been operating for 19 years and transacted between an estimated $700m - $1.1billion in commercial deal value, as well as finding the biggest WA oil discovery in 25 years. Basically, oil and gas dealing is their vehicle for value creation. If you combine high value transaction (equity for cash or drill etc) with the high volatility of the available share free-float, you have a recipe for a $100m market capitalisation. This would also prove out the company's strategy as workable and see price discovery a lot higher.
FDR partners with the biggest energy producers in the world, have some nice licenses in Whitsun and Boaz with large resource targets to deal with and are chasing new ventures as well as CCS. We also have a technical data bank worth who knows how much. Another thing I like is I don't think they will go to the secondary market for capital raising, We IPO'd in April 2022 and still have two years of capital funding in the bank plus two JV partners paying for our project work.
