I think near 30m shares are held in Escrow for up to 24 months. I think the Executive Chairman Andrew Sparkes holds 24,200,000 through that Turkey pty Ltd. and payment for Traprock properties I think was issued another around 4,500,000 and could also be in escrow. That leaves a lot of smaller shareholders possibly holding out to see if anything comes out in future drilling. It's a hard game out there and even the big players with proven reserves and grades are getting hit hard lately
Shaw and Partners have released a new research paper covering QMines with a 69cps Price Target., page-6
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