Ann: Further Gold at **anintha, page-36

I m more interested in the manganese JV with OM
We have higher grades ores than E25
Look at E25 for some idea of how share price can fly.
We need only tag along with OM for this Mn ride.

Below is extract from E25
Manganese is emerging as an increasingly important ingredient for EV batteries, with potential supply constraints for
nickel and cobalt forcing battery manufacturers to look to high manganese cathodes to produce the vast amount of
cathode material required by the EV industry in coming years
.
As battery electric vehicle (BEV) makers seek to increase
the uptake of electric vehicles, one commercial driver is cost reduction. VW's Power Day suggested a 50% cost reduction
for batteries with cell design (-15%), production process (-10%), cathode/anode materials (-20%) and battery systems (-
5%) driving the change. Global BEV penetration is expected to rise to 15.2% by 2025 and 39.5% in 2030 – led by Europe
and China, according to Morgan Stanley’s latest report3
. The main driver in the cathode materials is a shift to a high
manganese cathode material for the volume production, which is expected to underpin strong demand growth for
battery-grade manganese sulphate. Current estimates put demand by 2030 at 13 times current supply and a deficit of
1.3Mt even factoring in planned supply increases4
.