I don't disagree at current pricing however don't underrate the Mn resource. Their cutoff grade (15% Mn) is way above E25, BCA, et al.
They will be able to crush, screen (with mobile gear) and, if necessary, use a simple Dense Media plant to produce a much higher-grade product (circa +40%). This is the grade of earlier Mn operations in the Bryah area (42% Mn at Horseshoe Flats in 2017/18). At those grades the value of each tonne of Mn ore goes up (say 40% Mn = 40dmtu x say USD$5.00/dmtu CIF =US$200 ). Thats over AUD$300.
The biggest cost is road freight by far, but they have very good road access - mainly bitumen to either Geraldton or Port Hedland.
OM will want this ore sooner or later.
Anyway, BYH hustling Lithium exploration at Lake Johnston right now is a great move IMO.
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