Ann: Element 25 Investor Webinar, page-6

Correct, most E25 shareholders seem to forget that E25 was, is and still will be a high cost producer.
Low cost South African Mn ore producers will just ramp up if prices increase further.
For E25 to think they can produce 1 million tonnes annually and make a profit, then the CEO either has his head in the sand or just spruiks BS to keep the troops happy and his snout at the trough.
China's boom is over and may never repeat itself with 80 million vacant homes that nobody wants.
The EV boom is crashing in China too with BYD in financial trouble and dealerships closing and now new cars are being sold as secondhand.
https://www.ainvest.com/news/bearish-cycle-intensifies-iron-ore-china-property-slump-deepens-2506/

Remember the Northern Australia Infrastructure Facility (NAIF) provides loans that must be repaid or refinanced, according to the Australian Government Transparency Portal.
NAIF's financing mechanism is not based on grants; all loans are expected to be repaid according to the agreed-upon loan terms.
How will E25 pay back the loan when profits are doubtful to impossible.

The E25 share price at 22 c tells it all, investors know that E25 cannot make money when mining manganese ore and the Mn battery material is just a pie in the sky.