Old Peak bought a shitload super cheap and ended up with an...

Old Peak bought a shitload super cheap and ended up with an insanely huge position they didn't want but couldn't dump very quickly given the total volume. So, even dumping large amounts on market every day, and having parent APAC buying as much as it's allowed to on-market to try to match, it's been/will be a multi-year process for OP to get rid of its entire holding or even just drop below 5% interest. Using approximate figures they've gone from 140M shares in mid 2022 down to 65M shares in mid 2023, 75M shares in say ~250 trading days, so average ~330,000 shares per day, not sure how to obtain total traded volume across a long time period but MLX daily volume on quiet days is typically well below 3M shares traded.

Of course, I'm sure on high volume days OP sell a heap more, so they aren't really 10% of volume every day forever, that would be crazy, but still gives you an idea of the sense of scale. I posted a sticky taped together chart of their position over the past year on this page https://hotcopper.com.au/threads/ann-agm-presentation.7395946/page-2

The positive spin on the matter would be that OP's selling is the element that explains why MLX is an opportunity rather than a value trap. Very difficult for the price to go up with them around except during huge spikes in the tin price, so in the meantime remains a very easy opportunity to get in on, though perhaps not at 25c anymore.