I would assume that most (if not all) of the top 20 are LT...

I would assume that most (if not all) of the top 20 are LT holders.

IMO liquidity & market awareness are the main reasons for the low SP, if you consider all the progress that has been made recently. The pathway to becoming an operational mine is fully laid out, and more and more steps are being achieved. Without ramping, the mine's profitability is laid out in the investors presentation for all to see.

However, you need to consider that GBE is working on Malawi time and becoming the first large scale niobium mine for several decades, this has caused many delays and can be frustrating at times.