"We've got global interest in what we are doing in Timor now", page-11

Our largest shareholder, WMA Holding FZCO, has been sourcing a substantial portion of its manganese from Ukraine, a region well-known for high-quality manganese production.
Source: https://en.abrams.wiki/World-Metals-Alloys-Fzc/3-NNtDOc5W82kxSdY0qY5qYA

These shipments are primarily exported to Anjaney Ferro Alloys Ltd., based in India and a leader in manufacturing and exporting value-added low-carbon and medium-carbon silicon manganese. https://www.anjaneyferro.com/

WMA Holding FZCO currently holds a 22% share of the global manganese slag export market, positioning itself as a significant player on the global stage.

It appears that WMA is further securing its supply by investing in or acquiring a stake in ESR, a strategy aimed at reinforcing its foothold in the manganese market.

Recent activity (Top 20 shareholder statement on Friday) shows that MJ Ratta, previously ESR’s second-largest holder, has been gradually reducing their position. Their initial investment of $350,000 is expected to yield around $850,000—a substantial return. Additionally, I believe MJ Ratta will not execute the $5 million option to buy stock as low as $0.02. This “churn” may cause the share price to stagnate, with fluctuations, until WMA finalizes its strategy.

Once the option to buy is enacted, the share price will be left to its own momentum.

Chris Daws, the MD, has publicly stated his belief that we have a "10+ bagger on our hands." In my opinion, I believe that in the medium to long term, this investment has the potential to deliver an even greater return, possibly 2 to 3 times what Daws mentioned at the Southwest Connect.

Enjoy your Saturday, all!