Ann: HPMSM Feasibility Study Update, page-33

Why bother digging out manganese ore to lose money?
If E25 wants to produce battery materials why not buy the manganese ore rather than losing money to dig it out. There is so much manganese ore available then its not critical for E25 to dig it out, just buy it from somebody else who produces it cheaply.
The problem I see is that if E25 starts losing $6 million or more on every shipment, its not going to help the bottom line even if all other hurdles are overcome.
To increase production only means increased losses.
Yes those losses can be mitigated slightly if the production of battery materials are produced cheaply. At least E25 management recognise the requirement for cheap reliable power.
Its interesting the OMH zoom webinar where management discussed manganese ore requirements, even when Bootu creek was operational, much of it was sold to other customers and they bought different grades and types from many suppliers.
Interesting to note that to date OMH is not using E25 managese ore, rather they are on- selling to other customers in China. Thats why no smelter credits.
I'm definitely not complaining about the E25 shareprice after having doubled my money so far, although the sliding Mn ore price has me concerned.
Its now obvious E25 is losing money at the current price and the downtrend hasn't stopped.
May be time to take some profits