The DoE entered discussions with two companies regarding HPMSM plants, E25 and S32 with an award negotiation value of US$166m for both. While E25 has made it onto the table around Critical Materials & Recycling, S32 Hermosa's project hasn't. S32's quarterly referenced the grant but as you would expect from a company the size of S32, there's been no further update. The Hermosa was about Zinc, lead, silver and Manganese. Assuming there isn't a mistake, its possible that S32 has either abandoned the grant to access the larger loans program that DoE also offers or possibly or the grant proposal for S32 has fallen over for some other reason. Either way, the logo for S32 (below) is clearly not on the slide.
E25 Price at posting:
26.0¢ Sentiment: Buy Disclosure: Held
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