Ann: Butcherbird Project Development Update, page-35

We had this conversation last week when someone asked the same question

And another poster here (I forget who) explained very well why this figure you can see on the Jupiter Mines Ltd website is for indicative reasons only

And yes, the price is in the doldrums at the moment but it is highly unlikely that Jupiter are selling at that price.

They even say so on the website right next to where they publish the Metal Bulletin price that you quoted

Here it is:

Manganese Ore Index 37% Price
(FOB Port Elizabeth/US$ per dmtu)
Note: the price stated is an average price only, collated by Metal Bulletin. The price is not necessarily indicative of the sales price received by Tshipi/Jupiter.


Without rehashing all that has been said before, additional value will come from ramping up production in a stage 2 scenario
Massive additional value will come from the high purity Mn business

By comparison, Euro Mn are targeting only this battery business and despite a CAPEX figure of $600 million on their project, they have reached a market cap of over $200 million yesterday

No value at all has been attributed to E25's battery upside (yet)

That day will come and add on $200mn in value to our share price (we can argue through current valuation of Euro Mn) and E25 should be cruising though $3.00

All in my opinion, of course