Not sure about your theory that "many" would chose to exit at 5c...

Not sure about your theory that "many" would chose to exit at 5c based simply on your assumption that it hasnt traded above 7c in 5 years. My reasoning is this:
5 years ago they were a rank exploration company with limited funding and plenty of "Hail Mary's".

Today, notwithstanding a 300% increase in issued capital, at a bare minimum, they are fully funded for 20% of a billion dollar project with known gas, with a secondary and tertiary phase sitting in the wings. Additionally, they are applying for a number of new licenses, which, if successful, will clearly add to their inventory. Withing the next 12-15 months they will have drilled 3 production holes, which should generate $15 mill AUD in revenue.

Furthermore, IF they are successful in sourcing the balance of the funding in the next 12 months they will retain 40% and therefore double those revenue numbers.

In a nutshell, at 5c and with an corresponding EV of approx $110 mill AUD, the market will consider that as far too cheap.