RESPONSE

Phw------ All your comments are noted and these concerns are understood

But,

I would be blown away if E25 are not successful in firstly gaining some cheap funding support from NAIF. This is very likely in my view

Especially so for the relative small amount of initial start-up capital (??) required for the Stage 1 33% Mn Concentrate strategy.

As we all know, the issued capital of E25 is very tightly held. So, I see things this way:

Release of the first PFS 33% Mn Concentrate, showing all the metrics for that initial export strategy, in MAY

At last the share price will move quickly and well north past 50 cents (still only an E25 market cap of ~$ 50 mil)

Shortly after that, a deal with an offtake end user for the 33% Mn Concentrate

Then, some NAIF funding

Then the second PFS for the high purity Mn products, hopefully prior end of June 2020

Then more NAIF funding/End User funding and offtake agreements

Ex BOTH PFS’s ---- further potential end-user deals with probably the Japanese/Koreans

During the DFS---- commencing July/August ----The vultures will start circling

Cheers