This may be the case but you need to also think of the flipside...

This may be the case but you need to also think of the flipside to this.

If they are accumulating at these prices at market this will mean they will also boost the price up once the accumulation target is reached.

This current time frame between startup and production is the prime time to do so as they know price will rise as revenue and cashflow start flowing in. Those who are patient until H2 18 - H1 19 (if milestones are met) will get the biggest payoff.

Really there is no reason for the share price to rerate any higher then 1.5c for now as this is where the Indo investors obviously saw Current value.
It is very normal for accumulation to happen below this for now.
I think the next slight rerate (1.5c-1.8c) will be when the $6m is received. (30th April)