By comparing the 2022 annual report and change/ceasing...

By comparing the 2022 annual report and change/ceasing substantial notices, by 15 Feb 2022 LM3 had sold down to 13,798,515 shares.
9,156,603 held under JPM noms, and 4,641,912 under HSBC noms. As reported in the annual report as at 22 March 2022 JPM noms were holding 9,230,840 which is pretty much 99% attributable to LM3. As JPM disappeared from the register during 2022 it's probably reasonable to assume the HSBC holding has also been sold by now, and LM3 is out. Looking through the annual reports for the last 2 years the nominee holdings haven't moved around hugely, with Citi the one one to go down as pointed out by @jadco55. Another explanation for the trading is that related parties are buying and selling between accounts to manipulate the price as they want. Easy enough to do in an illiquid stock.

I have taken a position here and am looking forward to the quarterly report. I'm not expecting anything exciting in terms of the finances, but hopefully we'll see some guidance for the June quarter indicating things are moving in the right direction towards positive cashflow. Even more importantly a timeline to get stuck into the Bonnie Vale underground which is the game changer. I think we're in a similar position to OBM a year ago, and hopefully can enjoy a similar re-rate as we tick the boxes off.