Ann: Battery Grade HPMSM Processing Breakthrough, page-54

EMN are trying but they arent close:

1: They have an after-tax NPV of US$593 million using a 10% discount rate, and an after-tax IRR of 22.6% and thats their whole business. We are ahead of the curve even without the HPM

2: $459.2 million in CAPEX for their project with a 4.5 year pay back. We are cash flow positive, ready to produce in 2024/25 and will likely be self funding and lower CAPEX from exsisting infrastucture

3: A positive for EMN is a very low OPEX per tonne of plant feed at at $111.28/T with HPEMM going at $4617 per tonne and HPMSM at $2666 per tonnes thats a nice margin.

E25 have a few more steps in that process operating at $150A$/dt Product so I assume higher OPEX however even at a high OPEX lets just pick a silly number like $500 per tonne you are still making $2000 per tonne on HPMSM and $4100 on HPEMM depending on what E25 are capbale of. Huge margins there if we can pull it off