The Dawn of EV, page-407

Hey @Lockyg101

This is from GMP, when they initiated their coverage for EMN





If I work backwards, this is telling me that their cost of US$111/tn processed, (the key is "processed", as they start from tailings with 6% Mn), so the overall cost converted to "per tn produced", should be AU$2,300/tn produced. Hence their Return is low 22%, their capex is horrendous US$400, and their NPV is merely $400M. This makes sense as they will be electrowinning the whole shebang, and then use 60% of that to make HPMSM.

EMN target was but at $1.00. They are almost there. I think they will hit $1.40 very soon.

Questions are:

1) Have we made our numbers for E25's HPMSM too wrong... (either we are a genius and sitting on gold, or dumb asf and the market knows better...) ?

2) When is Blackwood Capital going to initiate coverage? Upon PFS ?

3) Is this coverage being "retained" until E25 negotiates a JV or T/O or arrange pre-financing?