Ann: Recommencement of Operations and Record Daily Production, page-34

Hey NAF,

Its a good question.
Can't say I've been invested in enough explorers-turned-producers to know.
i.e. sample size too small

IMO what I would say is the skills and attitudes to drive an explorer and a producer are different and would require different personnel. BOD and management in explorers I would expect are typically more entrepreneurial and bigger risk takers than the type you would find in a steady low-risk production entity. For that reason some MDs and CEOs of companies will move on once in production because it is not stimulating enough for them to just bean count the numbers in production. i.e. you do need different people for each step.

What would make an MD stay?
There are new opportunities to pursue whilst a company is in production
In E25s case High Purity battery grade manganese...

I certainly agree there are different skills required for a $50m explorer to a $500m producer.
I am in finance and can share lenders demarcate business lending
e.g. turnover up to $1m, $10m and $100m
They have benchmarks and there expectations of skills for businesses at each level
...and even have different staff within the banks to manage these different levels.

I expect E25 will ramp up suitable production staff as it grows

Good luck