Mining code announcements / approvals are happening for others,...

Mining code announcements / approvals are happening for others, and it is just a matter of time for us.

Recently for Base Resources (Energy Fuels) and new Evion Group.

https://www.linkedin.com/posts/proactive-investors_graphite-justthefacts-asx-activity-7242062031028150274-GwtU/

I raised this point in a chat with a few others.

Before the recent raise, we had about 90m shares on issue.

Over the last 9 months, approximately 15% of shares were liquidated at mostly fire sale prices.

Not traded, but liquidated.

That's massive for a junior (almost micro cap) explorer that traditionally has very low liquidity (i.e. the shares are tightly held by most investors), and a $9m - $15m market cap range.

I don't think there's another 15m supply available to drive the price down again.

Stu Crow - who was previously our largest holder - had about 10m, which drove the price down.

Then a few more exited recently (perhaps new holders who participated in the recent raise which created about 5m shares for predominantly new holders taking a punt), and probably a few smaller positions where people needed the money or just gave up.

I think we'll see a new floor, and never see sub 10c again with decent volume - unless the world, the country and the company shit themselves.

I am really curious to see how the Top 20 - and more interestingly the Top 50 (which we won't get), have taken this opportunity to acquire shares, or not.

I would say with ~120m shares on issue, and my estimate of 80%+ shares being in the hands of long term investors, there is a high probability that as this formally get de-risked and closer to funding and mining, people will find easy justification to hold, and potentially increase their positions.

There will be people who are kicking themselves for not buying some of the nearly 5m shares that traded under 10c since August, but they will be kicking themselves even harder when they didn't by at 11c, and the share price finds a new floor above 30c ($35m market cap - which is nothing relative to the potential of this company).