IPO - Native Mineral Resources Holdings Limited, page-11

Well as I read it the three main ones are Blake and two Directors taking a portion of the 20 million shares available and holding around 72% of shares (assuming 20 million shares only in the IPO). NMR each wayer IMO and their saving grace is the drilling basically getting underway upon listing in sort after commodities. If you believe in Management and think their first drill targeting commodities in favour in the current environment, then maybe worth a go either in the IPO or in it's early days when it lists.
As I said earlier on paper a nice return for Blake assuming the share price opens up at 20 cents.

According to information provided for persons contemplating investing - (page 27 of prospectus - All of the Shares currently on issue may be (and are expected to be) classified as restricted securities with an escrow period of 24 months from the date on which Official Quotation of those Shares commences):

From the investing platform:

"Board and management have ‘skin in the game’ with the capital structure of the company being clean and simple. The Directors and Management’s shares will be escrowed for 24 months from the date of official quotation with the bulk of the options to be escrowed for three years at an exercise price of $0.25."

(72% of them as I read it of which just over 4 million are to be purchased at 20 cents like IPO holders) Add the Lead Broker's holding and it takes it to around 75% if I've done the mathematics right??) EV high IMO but is tempting given the near term drilling and all shares when they list are purchased at IPO price with only just under 18 million shares available on listing (assuming min amount).