That or one of the big three holders is shuffling positions...

That or one of the big three holders is shuffling positions between investment vehicles.

My back-of-the-envelope calculations require a share price somewhere between 25 and 30c-ish to reach asx300 eligibility.

Definitely DYOR as envelopes arent it.

The scenario plays out like this:
1) we advance the reg approvals.
2) some water flows into a pond (even if complete filling is subject to more approvals)
3) share price rises above the latest CR level.

Now we could get to three a number of othet ways, such as draw down on NAIF or award a tender for salt transfer ship or salt plant production. Any catalyst will do so long as we get to the point where buying by index trackers is mandatory creating our demand.

Who will sell into it? Stoke/AusSuper/Ryder or retail?

Upcoming demand and a share register that is all sewn up is a nice spot to be in...