I think the reference is to the range in sales from 19 cps to...

I think the reference is to the range in sales from 19 cps to 21.5 cps, or over 10%, rather than the buy/sell spread.

It probably reflects the small free float of 10.8% of the shares on issue or 60 million shares (see the presentation of March 2020), some of which would be traded on the Toronto market where 39 million shares are listed. Trading on the ASX is always likely to be sparse.

We had 3.3 million shares traded in the last 2 days or 5% of the free float. There also seems to be a large buyer at 21 cps and anyone after volume will have to bid up the price. I note from the last annual report you only need over 280000 shares to get in the top twenty holders!! 1227 shareholders with holdings of up to 50000 shares (out of the 1308 total number of shareholders) hold a total of just over 5 million shares between them!! It is a very strange shareholder base. No fund is likely to be interested unless the Chairman sells them some of his holding.

I am not sure about the quarterly being good, given the strike will hit production and raise costs. Chile is also a covid disaster so that may have involved higher costs as well. A tick to Casposo would be good, particularly if the restart can be financed from cash flow. Some information on how Rawhide is going may help as well.