Battery Grade Mn, page-214

This entire comapny is based on micro and macro factors. commodity prices, exchange rates, foreign relations are all macro just as dividend yields are too. I'm not sure where you heard that macros have no effect on the valuation of a business. I'm simply stating that a business with high gowth prospects and a stage 3 plan that exceeds $100M per annum with HPM on top of that can certainly warrant a premium P/E as long as they continue to upscale YoY just like any other fast growing business. Either way we can both agree that E25 is a strong buy at this price level. Have a good weekend holders.