Ann: Change in substantial holding, page-4

Essentially this is a VC/PE firm, who has increased their stake based on the recent capital raise.

This is a good sign, as the VC/PE firm is increasing their stake and likely have access to more information through their due diligence.

I suspect they will be pivotal in financing the mining operation, or could launch a hostile T/O.

This is a decent sized institutional investor who dipped their toe in, now they have their leg in half way. This has to be a sign of confidence and an indiction that it should be fairly close to something material happening.