I compared the 2023 list to the 2022 list. second % is last...

I compared the 2023 list to the 2022 list. second % is last year.

Updated As At 28 September 2023

1 Silver Tropic Pty Ltd 53,083,574 13.41% – 14.98%
2 Scientific Management Associates (VIC) Pty Ltd 51,977,667 13.13% – 14.67%
3 Mr Kenneth Joseph Hall 43,850,119 11.08% – 11.64%
4 Century Horse Limited 35,688,726 9.01% – 2.82%
5 Mr Kenneth Joseph Hall 11,311,112 2.86% – New to Top 20
6 Boneyard Investments Pty Ltd 10,333,333 2.61% – 2.10%
7 Mr Han Swee Tan 9,028,378 2.28% – 2.77%
8 Tradefog Global Co Limited 6,660,667 1.68% New to Top 20
9 Kaolin Ct Pty Ltd 6,000,000 1.52% – 3.32%
10 Paul Lowry & Kim Watson 5,366,452 1.36% – 1.61%
10 Mr James Woulfe & Mrs Catherine Maria Woulfe 5,366,452 1.36% – 1.61%
10 Stephen Rice 5,366,452 1.36% New to Top 20
11 Cajwm Pty Ltd 5,123,239 1.29% – 2.10%
12 Citicorp Nominees Pty Limited 4,568,765 1.15% – 1.33%
13 Mr Andrew Brian Sorensen 4,390,297 1.11% – 0.66%
14 Belgravia Strategic Equities Pty Ltd 4,291,667 1.08% New to Top 20
15 Ms Lay Hoon Lee 3,911,265 0.99% – 1.17%
16 Mr Beng Gim Tan 3,500,000 0.88% – 1.05%
17 Mr Meng Luo & Mrs Lan Liu 3,317,500 0.84% – 0.63%
18 Mr Kanishka Rathore 2,663,000 0.67% – 0.62%
19 Mr Meng Luo & Mrs Lan Liu 2,570,000 0.65% 0.63%
20 BNP Paribas Nominees Pty Ltd 2,440,275 0.62% New to Top 20
---------------------------------Total 280,808,940 70.93% – 68.23%

Century Horse Limited is Stanco, which has committed to acquiree 15% of WAK. It is Stanco's requirement of fine-grained K99 that is central to the current production problems, so unlike most investors Stanco is privy to the problem occasioned by the fine-grain particle size Stanco specifies, and it is privy to the the resolution thereto. Stanco is working with WAK to mitigate the problem. I ascribe great significance to Stanco buying in at 17c a share.

Percentage-wise, Andrew Sorensen has increased his holding. He to would know what Stanco knows.

Kaolin Ct Pty Ltd and Cajwm Pty Ltd have sold off shares.

On the current problem, there are air classifiers sold in the USA that can handle 3 microns as a cut-off, which I suspect is what WAK has on order. What is interesting is that the recent presentation states, “implementing equipment modifications and installation to reach nameplate across all grades of kaolin." If that is true in the strict sense of the words, that is good news, because the finer grades attract a higher price. If “reach nameplate” means “reach equivalent nameplate”, that is what I would expect, because the finer particle size requires more processing cycles.