Ann: 2023 Annual Report, page-2

I had a look at the top 20 from last year's annual report.

A couple of changes.

Shares issued from 1.344bn to 1.483bn
Shareholders increased from 1832 to 2206.
Top 20 increased from 823m to 875m shares or 58.39% of the company. So reasonably held.

Changes in the top 20.
12 existing from last year, increased their holdings. That's a great sign .
5 existing have the same holding.
1 new one
3 existing reduced their holding (one dropped out of top 20).

Of these three - one dropped from 24m to 22m (maybe needed some cash).

However, I think it maybe shows the major seller as one holder has dropped from 37m to 10m. If they are exiting, let's hope it happens soon. It might mean the stock dries up, just in time for the Saloro deal and increased production and cashflow.

It also suggests little interest from Australian fund managers at this stage. However, $100m+ cashflow, an increase in NPV of 2-4 times, 2+ global tungsten mines, Australia becoming a top 3 producer of tungsten (critical metal) & Oaktree (Global Private Equity) coming on the register. It will catch their eye. The stock is likely to see a rise based on lack of liquidity and excellent fundamentals.