I now have no doubt that the churn is coming from MJ Ratta...

I now have no doubt that the churn is coming from MJ Ratta Investments Pty Ltd holdings, as they are the only ones with enough stock.

I believe WMA Holdings FZCO holds significantly more than the 6.08% substantial holdings update reported on October 21st.

If my theory holds true that MJ Ratta Investments Pty Ltd is selling to WMA Holdings FZCO, we can safely assume the $5,000,000 option for Ratta to purchase 250,000,000 shares (13% of ESR) is in play. This has been perfectly executed for several reasons:

1. Major Stake Acquisition: We have a significant player taking a major stake in our company.

2. Funding for Drilling: When WMA Holdings executes this $5 million option to acquire 250,000,000 shares in Estrella Resources, it will fund drilling for most of the next year. This is when I expect ESR to "multi-bag" and increase significantly. Daws has stated at the South West Connect conference that this is being meticulously set up to "10 times or much more multi-bag."

3. Largest Shareholder: Our biggest shareholder is the largest manganese-slag exporter in the world.

The final and most important piece is that, by the end of this period, we might have a major shareholder owning up to 25 to 30% of the company.

This is through the latest round of funding announced on October 21st, and the current buying since the change of substantial holding announcement.

This point is crucial: we not only have a major investor in the manganese space, but we also have them to offtake our precious metals. The only aspect missing was how they would smelt this manganese, but that has already been sorted under Estrella's Chairman incorporating the solution in late 2023, please see https://www.mrmtimor.com.au/product-2/