Ann: $35.5M Capital Raising to Fund Stage 2 Expansion and Battery, page-16

Just to add further (green) fuel to the fire, we could have a full integrated Zero Carbon Manganese supply chain

OM Holding, whom we have an offtake agreement with, have a hydro-power smelter in Sarawak with production capacity of 300ktpa for manganese alloys. That is the steel production - could be the only green steel anywhere in the world? This could make us OMH's favoured provider of Mn Ore, even above OMH owned Bootu Creek. There's been some comment on the favourable off-take terms we negotiated with OMH, this could well be part of the reason why.

Given OMH are already going down the path of green steel, is it too far fetched to suggest they will want to partner with E25 down the track for green battery production? We can produce the MnSO4 at the lowest cost on site and they could handle HPEMM with their hydro-carbon energy.

Elon Musk has already said he will pay big bucks for any sustainably mined Nickel - why would Manganese be any different? Manganese as a resource is abundant in the ground, but the co-ordinated effort to have an economic & fully integrated Zero Carbon Manganese (TM) supply chain is significant, this is what will differentiate E25 from any other competitor.

We could be completely Green from ROCK to ROAD