Maybe finally getting noticed now. Frustrating hold around 18-19c where there was lots of selling. The report is interesting reading as well.

Iron Ore mines constantly facing problems with water usage and disposal and have no choice but to use Pentium Water. From the annual report:

FY2023 has proven to be another defining year for Vysarn with the water services vertical integration strategy maturing. The board and management continue to maintain the view that one of the largest and growing impediments to ongoing iron ore production is the removal and disposal of surplus water. This thematic has since proven to be sound and has provided a unique opportunity to build a business of scale in a short period of time

Allowing Vysarn to branch off into other areas and diversify

While Vysarn anticipates continued growth underpinned by the iron ore sector surplus water thematic, the Company has also identified new and real avenues for future growth across other services, commodities, sectors and geographies. In FY2023 the Company continued to successfully execute its vision and strategy to become a leading end to end, whole of life vertically integrated water service provider. This strict focus on strategy execution and building scale through diversification has the Company well positioned with strong maintainable earnings and cashflow.

The term "Moat" is also mentioned.

Due to this ongoing demand, Pentium Hydro continued its search for quality second hand dual rotary rigs, both domestically and internationally. As such, Pentium Hydro recently identified an opportunity to acquire an additional used dual rotary rig. Subject to proceeding with the rig’s acquisition, it is anticipated that this rig will be acquired and rebuilt to Tier 1 standards within FY2024.

The rig purchase being considered is not driven by a strategy to grow the size of the Pentium Hydro rig fleet, but rather to change the rig fleet mix to consist primarily of dual rotary rigs. The board and management view this initiative as a strategy primarily designed to shore up an already strong competitive moat for the hydrogeological drilling division. In line with changing the rig fleet mix, it is anticipated that the funding for such a purchase and rebuild of an additional dual rotary rig will in part be funded by the divestment of one of Pentium Hydro’s non-core conventional rigs.

Vysarn proving that you don't need to be a tech company to generate a moat.

[held]