I think it is a fair question to seek an opinion. It prompted me to have a bit of a look.
May'18 - 57m shares @ $0.57c = Market Cap approx $32.5m
Jan"19 - 84m shares @ $0.30c = Market Cap approx $25.2m
May'18 - All Ords Index - 6200
Jan'19 - All Ords Index - 5780
I guess that would explain some of the reason.