Unfortunately Mn is out of favour right now. BCA are proving up...

Unfortunately Mn is out of favour right now.
BCA are proving up a very large resource just south of Nicholas Downs Manganese project which MIN and Gina operated a few years back but shut it down when Mn prices fell.

TKM has the old SPI/BDC project plus a couple more new tenements which SPI stopped exploring after the price of Mn tanked.

Like all minerals, Mn had a resurgence in price a couple of years ago when it was mentioned as a battery metal and E25 ran hard as they are a clear frontrunner in regards to producing battery grade material, but even their sp has retreated from $2.20 in 2021 to about 41 cents today.

BCA has a 171mt @10.3% resource yet their m/c is around $8m.

TKM is around $16m this morning for a Mn resource of 11mt @15%.

It is relatively cheap to beneficiate the ore to produce close to 40% dso so there is still a possibility to monetise Hendeka once the company commits to the project, but there was always potentially more blue sky with lithium so it made sense to drill there first.

Today is a setback, no doubt about it, but more through time than anything else. There is still potential in the lithium project, but the opportunity to get a good result and lift the sp to allow a large raising has been diminished.

Back to the slow grind of assessing results, planning the next targets, applying for a Permit of Works from DMIRS and getting a drill rig lined up probably means waiting until about April next year before having another crack there.

Hendeka would now be worth a look at before the wet season starts so maybe something may yet happen soon.

The niobium looks like a bit of a cheap option to maybe strike something worthwhile. Not a bad
play imo.

The company has to do what other small exploration companies do - pump dollars into the ground. Sometimes it will lead to something remarkable, othertimes we get announcements that underwhelm. As long as they have a go, I don't complain too much. I only get frustated by directors who talk but don't do and there's plenty out there with huge potential that won't ever give their companies a chance to prosper.

Just my opinion