I suspect there's quite a number of people with E25 on their watch list but they want to see something definitive around financing before they jump onboard. Each day there's no news, someone potentially decides to stop waiting and sells. The buyers there are wait for this, so they aren't pushing the share price upwards. April went by with just the non-binding MoU with Nissan announcement (and the required quarterly). May came and went with no ASX announcements.
While lawyers can work slowly, if the US were to pull the pin on the grant funding, I'd have expected them to provide formal advice to E25 to that effect by now, even if it was a one-page intentions letter. If they had issued any such letter its undeniably price sensitive meaning no letter of this sort has been issued and the Grant still stands (although the share price indicates the market pretty much doesn't believe the grant will actually occur).
Meanwhile there is increasing chatter about Manganese rich battery chemistries being adopted, although whether that's LMFP or LMR is unclear. There would appear to be a need for a lot of western capacity that isn't yet under construction.
E25 Price at posting:
20.0¢ Sentiment: Buy Disclosure: Held
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