I initially bought about 200k at 65c average in november...

I initially bought about 200k at 65c average in november 2022.
Not that long ago, but still enough to dive into the alloy smelting and manganese ore world, and understand the business a fair bit.

I completely understand the frustration if you've been holding for 5 years+.
They have really good assets but they haven't been switched on strategically.
They have missed a lot of good timings that could have resulted in much more extra cashflow to deleverage or reinvest in the business.

What made this interesting to me is that the debt keep going down and the assets keep going up, meaning the business is effectively making good money.
Buying the extra 25% of Sarawak means they are exposed to 33% more cashflow which will make a hell of a difference during good times.

The chairman owning almost 10% of the business is always an excellent sign.
There's much more chance of redistribution when the executive team's interest is aligned with shareholders.

And a combination of good times and value redistribution to shareholders is the key to a very high share price.

Though, being in the ressource sector requires a lot of patience because there's no telling when this combination will happen.
I feel we are approaching a time where the company will be in a very healthy situation to reap the benefits of a good macro.

Personally I'm hoping before 2027/2028 but each of us has their own timeframe.