AZY General Discussion, page-97

Re NEM's shareholding in AZY. On 5 March 2020 they filed a substantial holder notice for 9.9% of AZY representing the placement they purchased at the time of signing the Wilki Farm-in. The threshold for filing substantial holder notices is 5%. And whenever that % moves up or down 1% while it remains above 5%, or if it falls below 5% and then no longer a substantial holder further notices are filed.
When then NCM participated in a cap raise it didn't file an updated notice as it didn't move their holding by another 1 %.
However following the last cap raise which they didn't participate in, they were diluted down from 9.9% to 8.83% so updated notice was filed on 6 Oct 2023.
NEM will have to file similar notices if their holdings alter another 1% or prob should say more precisely 100 basis points.
If they drop below 5% they no longer have to update market.
If it's being dripped out on market we will see updated notices. but possible may be sold off market by brokers as single parcel.
Either way they will have to announce it. The parcel at current market price is only worth in vicinity of $5m so not something that NEM would be mentioning other than for these legally required notices.