It may be possible that management is looking to raise a capital...

It may be possible that management is looking to raise a capital for particular purpose and stock split can able to attract new investors who may not able to afford at current valuation. They might wants to make ownership more accessible to a broader range of potential investors.

Or alternatively, stock split could lay the groundwork for a smoother transition to public trading in future.

I sense another 6 months of wait. For now, we just have to keep satisfied with "Phoenix Lithium has seen significant growth and increased company value."