BGS Chart !, page-1336

Could it be as simple as the upcoming options requiring conversion? Obviously the 7.5m Director Options run until 19-Oct-2019... and the 3m (@31.6c) Borg Geoscience/Gillam Super Investments options have another 8 months to go (during which period hopefully we see a lot of value-adding announcements) - but there are still 3 million exercisable at 33.6c (Zenix Nominees) that expire on 30-Jun-2018 (1 million were exercised in early Feb 2018). These are held by Hartley 'associates' and you would expect that:

a) brokers' options (although sometimes in part passed on to sub-underwriters) as part of the payment/fee to the broker are seen (by the recipients) as operational revenue/income and so are expected to offset operational costs/obligations - meaning most are highly likely to be realised/liquidated (rather than held as investments)

b) this is compounded as there may be a considerable outlay required to exercise options (which benefits the company) - but this often can hasten the liquidation process by triggering pre-emptive share sales

c) we can assume that many of the first 1m will have been sold by now (if only to recover the $336,000 exercise price) - but

d) given that all the remaining 3m are highly likely to be exercised over the next 3 months - and that will require another $1m outlay - and you need to exercise prior to trimming back your overall share holding... a broker could be expected to sell existing shares down to fund the future exercise process.

So still more to go until we get to the 4m - and then any placement shares that have shaken loose...