Ann: Binding Take or Pay Offtake Terms Finalised with OM Holdings, page-38

HI Bravo brad. you are absolutely right my friend, they don't need financing to set up a mine up to dig up to refine 1.3 MTPA of bogstandard Manga and sell it all to Malayan OHM.

This above mentioned work currently under construction is called, (as per the recent Q3 activities report): "Base Case1" which is, - as you correctly point out - already fully funded and should, - according to the independent accountants and consultants-, allow E25 to earn about AUD 32 mill undiscounted cash flow per year. (PS: That means profit to us laymen)

IMO you are also correct in presuming that they should then also be able to just organically expand the business by using the juicy cash flow from Base Case 1 to create Base Case 2 and then on to Base Case 3, hopefully within around 12-18 months - by Base Case 3 according to the consultants will mean mining 3.9 Mtpa to allow them to make AUD 72 mill a year!

IMO that should allow this stock to rise to about 5-7$ or more.

But the real hidden bounty to E25 is that they can (unlike most Manga producers) turn their high purity manganese resource into that most sought after stuff: dandelion-shaped, battery-grade Manganese sulphide to be used in lithiated manganese dioxide (LMD) batteries. These LMD batteries are needed by the likes of Tesla, Volkswagen, Toyota, BMW, and Ford to power the growing EV revolution, plus by a plethora of other companies to power the green revolution.

Battery grade Manga does not sell for a mere 137 USD per ton like bog-standard manga for steel, but for USD 2005 USD a ton last time I looked.

This means E25 could make 14 times more for its manga by refining it into battery-grade sulphide.

That means E25 should make much more off its manga resource which IMO means the share price can go towards AUD 15-20$ a share when they do this.

However, to make battery-grade manga requires a big expensive plant see. And these cost around AUD 300 million++ which E25 doesn't have in cash, yet. Therefore will need financing for this next, most lucrative phase - which - as the consultants have not yet released a report on this expected phase yet - we may take the liberty to call it "the share price goes to the effin moon phase"?

E25 has in fact already announced it is in discussions with NE Asian battery manufacturers (read Jap/Korean/Taiwanese) who need it. They are all so wealthy that it should be no biggie for them to do an upfront loan, a pre-finance deal or an offtake royalty deal for the AUD 300+ to allow E25 to build their shiny new battery-grade plant - Such a deal will contractually ensure the happy NE Asian co a steady offtake supply of this sought after material with apparent ever-growing demand into the future.

So that's the financing I'm talking about Bravo my friend. The financing for "the share price goes to the effin moon phase". I suggest you learn a bit more about the hidden massive potential of both this resource and this company you own shares in. In fact more general battery grade manga info maybe just read the following off google:

https://www.mining.com/web/manganese-the-third-electric-vehicle-metal-no-one-is-talking-about-it-heres-how-to-take-advantage/

https://www.globenewswire.com/news-release/2020/12/29/2151098/0/en/Manganese-Replaces-Cobalt-Helping-Tesla-Benefit-from-it-s-New-Technology-Report-by-Manganese-X-Energy-Corp.html

https://www.moorestephens.com.au/MediaLibsAndFiles/media/australia.moorestephens.com/Images/Profile%20Photos%20(Contact%20boxes)%20110w%20x%20110h%20px/Western%20Australia/Manganese-Moore-Stephens-Report.pdf

https://www.anl.gov/article/researchers-eye-manganese-as-key-to-safer-cheaper-lithiumion-batteries