potential vs share price

new to this stock and trying to make sense of the financials vs share price.

was surprised to discover this stock and see it's lack of uptrend in a sector where demand for services has grown significantly in the last 2 years. Either this company is missing out on the growth in drilling contracts or the demand for drilling services has been exaggurated.


p16 of the 'Investor Presentation' released on 29/07/2021 tables 'dynamic unaudited' and 'proforma dynamic' columns with _very_ different valuations for assets, liabilities and shareholder equity. Thankfully the sharehold equity is on par with market cap, but this speaks of the market not valuing the business beyond assets.

not being familiar with 'proforma dynamic' I'm reading this.
https://download.asic.gov.au/media/1336814/Disclosing_pro_forma_financial_info_draft_guide.pdf



there is some solace in seeing ~ 68% of shares held by the top 7 shareholders (p15) and if the comsec shareholdings page is accurate, July 2021 saw 88% of shares held by the top top 8 shareholders. I'm thinking tightly held stock points to key shareholders being active in pressuring the board to maximise profit potential. (short and long term) maybe some of the major shareholders are clients applying pressure for price control to prevent gouging customers. idk.

p5 of the investor presentation reveals : 85% income gold related, 45% income from 2 clients. (wrt orlando income)

in short : I feel I'm missing something. I don't trust the market to miss an undervalued stock, even if it is small market cap.

1. why has this stock floundered in share price since Dec 2020.
2. is there potential to scale up operations to take advantage of the current growth in exploration drilling?