80 CENTS PRICE TARGET, page-75

One of the things I research before making an investment decision (buy or sell) is a comparison of the top 20 shareholders from 12 months ago.

If I see the top 20 are selling it's a clear red flag. A stagnant top 20 is neither here nor there, but when I see larger holders adding to their holdings it gives that bit of extra confidence I could be onto something.

Not implying insider information, rather larger investors tend to do more research, ask more questions, and ultimately have better lines of communication with management owing to their voting power.

The situation here is actually quite exciting:

Here is the top 20 dated March 19th, 2024 (source 2023 Annual Report).


Now, let's contrast this with the very recent top 20 shareholders list dated March 12th, 2025 (source 2024 Annual Report).


We can observe 8 holders have been substantially increasing their position in the past year with only 1 noticeable seller. Two new entrants into the top 20 (highlighted in yellow) are particularly encouraging, the CEO Darryl Davies and recently appointed director, Dr Ron Wise.

Combined the top 20 hold a massive 75.77% of the company, so I'd argue it's not only a tightly held register, but a register that is enthusiastic about the company's future prospects.

GLTAH