Ann: Quarterly Activities and Cashflow Report, page-83

Ok this will be my last response since it's obvious you are not interested in facts.

The problems with figures as presented here are glaringly obvious!

Assumed shipping cost are higher per ton for Q3 instead of the currently much lower shipping cost.
No smelter credit applied.
No improved economics applied for either the increased volume or the improvement of the process.
FX used AUD/USD = 70c where actually is 71 and recent averages have been higher.

And I likely missed a few.

I would be very surprised if E25 loses anything like 5 million and I expect them to turn a modest profit.

You have taken your position and dug yourself in lime it is a trench war. Where in fact it is in investing best tonbe open to new information. A guy on a podcast I listen to tends to say the best investors are willing and able to change their mind. I think it good advice. If E25 looses 5million this quarter (and there isn't a good explanation for it) I will change my mind.

But I deem that extremely unlikely based on the available information.