E25 to FRB factor of 1.55 ?, page-43

E25 has suffered due to losing money on every tonne it produces. You can't truck ores long distances and make a profit. Mn ore is a high volume product, not high value product so transport is a crucial cost. Grade is also a concern, there is so much high grade Mn ore in South Africa and Ghana that is DSO and the mines produce high volumes and transport is by rail. C1 costs are extremely low so these South African and Ghana Mn ore producers make a profit even in low price environments.
Firebird is in the same situation as E25, low grade, high transport costs and also high labor costs in Australia.
If the Mn ore price goes up then the African mines just ramp up further.
If you produce Mn ore in Australia you need a much higher grade deposit (20% or more) preferably 40%++ and rail transport, otherwise the project is destined to fail.
"offtake partners and product quality it's extremely good value"
True, but the only one making money is the offtake partner OMH.
To invest in an Aussie manganese ore miner you can't go past S32, the Groote Is project is as good as they come.
There are lessons for would be Mn ore miners in Australia, Shaw River went belly up and Rolex Resources couldn't even get listed and both have higher grades than Firebird.