Ann: HPMSM Feasibility Study Update, page-72

The closest to a C1 estimate is the January 2022 scoping study estimate of $558/t for HPMSM (100kt). I'm expecting there will be an update to this estimate in the Feasibility study that remains on-track to be delivered in December. Even if the ore purchase price was 10 or 20% more expensive than the $159 estimate, it is not going to destroy the economics of HP MSM.


Manganese X is another company looking to develop a HPMSM project. Two slides from their August 2022 presentation are included below. On this estimate there's a potential market size >1,000kt by 2027. This is a lot higher than E25's Scoping study estimate showing circa 400kt by 2028.


Manganese X had a June 2022 PEA with the following price estimate. This indicates that even during the 2020 low-point where Lithium demand/supply dynamics caused the lithium price to crash, HPMSM remained around $900/t (reading from the graph). The price chart forecast may be bullish beyond 2025 but E25's of $1,950 is aligned to CPM shorter-term forecast estimates and well below their long-term forecasts.