Much more than $10M for the manganese bulk samples. The initial announcement said they are looking at shipping ~200,000 tonnes of manganese ore.
At the low-mid grade they will likely be mining is still in the order of A$400+/tonne (by my estimate as high grade is ~$600/t). Even assuming for 50% costs taken out, it would still bring in $40M in cash flow. If it goes ahead, I can't see the need for dilution for a while.
M4M Price at posting:
0.9¢ Sentiment: Buy Disclosure: Held
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