Australia's Sole Tungsten Producer, page-8

I'm not suggesting it's "up to the larger shareholders to provide liquidity", merely noting that it's tightly held so newcomers may be put off somewhat if they can't see a way to exit when they need. Inevitably as the share price rises, people will exit when they're happy with their return or they see the company remaining stagnant, decide to sell and invest elsewhere. At that point we'll probably start to see some more short term speculative holders that only plan on holding for a shorter period of time. I've been holding for many years and like most in here, will likely be holding for awhile unless personal finances change.
I think the dividend is a year and a half away still. I imagine after a couple quarters of production from the pit, management will be in a better position to be able to forecast when that time might be. Maybe we hear more about a potential dividend late this year or early next year, if we do I think even talk about that dividend will see the share price move quite a bit.