99.95% High Purity Manganese, page-567

The original plan was that the ore operations made money and financed a lot of it. For a number of reasons we haven't seen this yet.

Your not going to raise $350m+ from the current market cap of E25. I'd however note:

• If ore operations show good profitability there should be a big share price rebound
• Debt may be part of the funding package (although this may have been easier with an Australian site) and would have been easier if E25 was profitable more quickly
• I'm not sure the ultimate structure will be 100% ownership by E25. Something like a 50/50 JV with OMH makes a lot of sense. OMH has the financial strength to provide a guarantee that would enable debt in a JV structure. E25 would for its part put its research/technical findings into the JV. If you could get 50% debt, 50% equity in a 50/50 JV then E25's share input requirement drops to A$75-100m at the A$300-400m range.
• This is the sort of value isn't easy, but it is possible, particularly if E25 does turn around ore operations and expand their profitability.