Ann: Hannans - Expansion to Major European EV Markets, page-42

I would suggest this refers to ASX listing rule 12.4 Level of Spread...
Basically the company must ensure there is sufficient number of holders in its shares to ensure orderly and efficient trading.....
Maybe the number of shareholders has reduced, as smaller holders exit and others take larger stakes in HNR...(like me)
This could be one of the reasons the shares jumped a few weeks ago, and flagged by ASX, fewer shareholders....
We know Neometals holds a large percentage of the free float...
I have seen this before, the company usually does the 300 'new holders' via a CR, but restricts them all to $2,000 each.
This is a good thing, HNR complying to listing rules.
Keeps ASX Happy.
DYOR & GLTAH