Hi @Gprp - CNQ was the Water assets spun out of Sunrise Energy Metals (SRL) that first traded on the ASX on 2-July-2021 - see here: SRL-Demerger-Class-Ruling-from-ATO.PDF and here: Demerger-of-Clean-TeQ-Water-Complete.PDF

My thoughts are that those investors who were invested in Clean Teq (now Sunrise) for the battery metals exposure would have dumped the CNQ shares, and those SRL owners who were more interested in the water purification technology would have been accumulating CNQ because they only received one Clean TeQ Water (CNQ) share for every two Sunrise Energy Metals (SRL) shares they held. So the initial run up and fall back would have been the share register sorting itself out immediately after the listing of CNQ, then after that it would have been based on usual market forces such as sentiment towards the company. I used to be a CleanTeq shareholder, but not for a couple of years, and I haven't been following them. Got to go somewhere now. I'll check back in here this evening.