Share price is being constrained mainly by the sheer number of...

As the 20c options are exercised the dilution of new shares is offsetting the growth in market capitalisation:

• On 30-Sep-2020 there were 78,578,984 shares on issue.
• Since then 8,571,429 new shares have been issued, and 3,304,305 options have been exercised.
• So as at today there are 90,454,718 on issue, or 15% dilution.

Share price is being constrained mainly by the sheer number of options outstanding at 20c. There are still over 57 million options. If they all get exercised that's an increase of over 60% from the current 90 million shares. But if they are all exercised that will provide $11.4 million in cash. Plus the $600k received from the options already exercised, that would look after any capital needs for quite some time.