Ann: Quarterly Activities and Cashflow Report, page-146

Yes, I had left out one month's production and ruled out a second shipment in the current quarter. All, of course, assuming that the production is approximately 1,000 - 1,200 tons (or more) per day. In the end, the only important thing is that the business with manganese ore can finally be made profitable now and in the future and that no losses are made with it.

Brief change of subject: I think the war in Ukraine is terrible and my thoughts are often with the people and the many innocent victims there. Unfortunately, I can't change the war because you can't change people, although I would like to and wish for an entire world in peace. Unfortunately, it will remain a dream, I'm realistic about that.

But let's assess the entire situation realistically and analyze future consequences. Russia is also a big supplier of raw materials (including manganese - see my post of 23/02/22
11:18 in the other thread). Sanctions for Russia are likely and the West will want to become even more independent from Russia (raw materials, gas and oil) and China in the future.

Now there is our E25 with Butcherbird the largest manganese area in Australia. Good international relations with the EU and legal certainty are in place and are currently the basis for future success.
Key word - production of battery-capable manganese and after the sensational scoping study, for me personally it is only a matter of time before a car manufacturer gets involved, because there are hardly any alternatives for car manufacturers.
Tesla and VW announced in the last few years that they will increasingly rely on manganese in their batteries in the future
will.
When Tesla joined Ex-Depotwert Piedmont as an acceptance partner, the course changed
increased tenfold within a few weeks. The stock market value has risen to AUD 1.7 billion at its peak.
Something similar could happen at Element25 as soon as a car manufacturer gets involved. And currently the market value is only AUD 167 million. Many investors have too
already forgotten that because of the long-term top prospects a year ago
a large Swiss ESG fund entered the market at prices of around EUR 1.40.

Maybe this crisis will also and especially benefit E25!