Ann: Cokal to Develop Underground Coal Production at the BBM Mine, page-309

I think you hit the nail on the head with the fact that the Top 100 hold 80% of the shares. Share Price is about supply and demand; with just 100 players holding such a big slice, they probably are desperate to drive up the price to accumulate. If you factor in the small retail investors who jumped onboard in 2022 driving the SP up to 24c (admittedly coal price was higher as well) but have since dumped their holdings having lost confidence and wanting to chase other opportunities.

Furthermore, what we are missing is those big institutional investors who won’t invest in a development of this category at this stage. Without the substantial demand from existing investors and the addition of substantial new investors The price will just sit in its current range imo. Once we see some consistent sales and gain some new interest outside the existing holders we will see some SP appreciation. The visibility of actual financial data will also allow better analysis of value.

At the moment I feel we are “ flying the plane “ by line of sight and without any instrumentation; we sort of know which direction the planes heading, but the ride has been a bit slower and bumpy, and hopefully we will reach a soft landing soon