Ann: Quarterly Report and Appendix 5B, page-35

Bryon,

One of the reasons is the lack of liquidity in the stock and this is partly been driven by who owns the stock.

As at the 30/6/2019 Annual Report of the 609,355,769 shares issued, 324,357,439 (53%) was owned by the directors and key personnel. Above the norm.

As at the 30/6/2020 Annual Report of the 803,974,528 shares issued 361,964,911 (45%) was owned by the directors and key personnel. Above the norm.

Since 30/6/2020, an additional 152m shares have been issued and the total now on issue is 987,175,598 so provided their holdings haven't changed they would still own 36.67%. Still above the norm.

And since 30/6/2019, nearly 400,000,000 shares have been issued. It will take awhile for this to wash thru.