Quiet ASX micro-caps with quality boards OR quality shareholders, no debt, concentrated registers (top-20 ≥ 60%), and a small market premium (EV in (0, $5M)). Captures shells with no projects, post-DOCA restructures, lazy explorers, and companies with closed/dormant projects — anything plausibly "in need of a project" with a quality structure the market is starting to notice but hasn't bid up.
No completed runs yet — the first run lands soon.