The closest to a C1 estimate is the January 2022 scoping study estimate of $558/t for HPMSM (100kt). I'm expecting there will be an update to this estimate in the Feasibility study that remains on-track to be delivered in December. Even if the ore purchase price was 10 or 20% more expensive than the $159 estimate, it is not going to destroy the economics of HP MSM.
Manganese X is another company looking to develop a HPMSM project. Two slides from their August 2022 presentation are included below. On this estimate there's a potential market size >1,000kt by 2027. This is a lot higher than E25's Scoping study estimate showing circa 400kt by 2028.
Manganese X had a June 2022 PEA with the following price estimate. This indicates that even during the 2020 low-point where Lithium demand/supply dynamics caused the lithium price to crash, HPMSM remained around $900/t (reading from the graph). The price chart forecast may be bullish beyond 2025 but E25's of $1,950 is aligned to CPM shorter-term forecast estimates and well below their long-term forecasts.
The closest to a C1 estimate is the January 2022 scoping study...
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Last
22.5¢ |
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Mkt cap ! $51.43M | |||
| Open | High | Low | Value | Volume |
| 22.5¢ | 22.5¢ | 21.5¢ | $21.94K | 100.7K |
Buyers (Bids)
| No. | Vol. | Price($) |
|---|---|---|
| 1 | 2779 | 21.5¢ |
Sellers (Offers)
| Price($) | Vol. | No. |
|---|---|---|
| 22.5¢ | 62609 | 2 |
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| Last trade - 16.10pm 27/06/2025 (20 minute delay) ? |
| E25 (ASX) Chart |