Ann: Quarterly Activities Report, page-23

Very hard to glean initial production framework given current incomplete disclosure.

Don't forget to add AUD2.86M in additional production costs incurred in the previous June quarter Q2 report (together with an extra AUD0.8M in staffing and another AUD0.5 in "restricted provisioning").

All up it looks like E25 spent upwards of 14M to produce ~75Kt of 33% Mn concentrate since start-up to 30 September and sold two boatloads (~55Kt for 5.4M) leaving ~20Kt (2M worth??) of concentrate stockpiled at port).

Production cost guestimate = AUD180/tonne

Revenue = AUD100/tonne

They have enough cash in the bank to continue to operate at current (loss) levels for one more year.

Give'm another couple of months to turn it all around and ramp up to nameplate?

P