Why did Regal Fund management invest in Esr?

Regal fund management
acquired 10.69% of esr through underwriting the 5c option conversion 2 months back.
They did similar with Chalice mining

fyi below,

Chalice’s backers include Phil King’s Regal Funds Management, which bought into the company in April last year when the share price was $1.

Regal’s Campbell Chambers views Julimar as a globally relevant green metals discovery that is firmly on the radar of big miners.“Chalice presents as an obvious acquisition target for a global diversified miner.

These miners have signalled their intent to diversify away from old-world commodities, including coal, oil and iron ore, and towards new economy green metals,” he says.

https://www.copyright link/companies/mining/chalice-hunts-for-metal-mother-lode-in-forest-near-perth-20210625-p584d9