Ann: September 2019 Quarterly Activities and Cashflow Reports, page-14

So the current situation is this:

1. cash on hand exceeds market cap;
2. the move into production and a negative enterprise value has had no impact on share price;
3. management is utterly untroubled by the inexplicably low share price and has no interest in delivering shareholder value through capital gain;
4. far from doing anything to bring the sp somewhere in the ballpark of fair value by promotion etc, management seems intent on doing the opposite including by understating the company’s position;
5. management offers no useful guidance or outlines of future plans, other than to say no dividend will be paid;
6. the stock is highly illiquid because a handful of shareholders own the large bulk of the stock; and
7. the price is being actively manipulated/capped in a fairly unsubtle way.

I guess mystery #547 of ASX:HAW is why we continue to hold.