'Achieved pricing was negatively impacted in the Dec-21 Half due...

'Achieved pricing was negatively impacted in the Dec-21 Half due to higher shipping costs (US$24/t), lower conc grades (US$25/t), no by-product credits (US$18/t), and a weaker benchmark price (US$21/t). Benchmark prices have risen 35% YTD which will see E25 revenue improve materially, with conc. grade and by-products to approach PFS levels during 2H 2022.'

Moving forward to the present Quarter

'SBB Markets indicates South African 36% Mn ore prices increased by 19% for April shipments compared to March. This bodes well Jun.Q’22 revenue and we expect this Quarter to be cash generative, with higher prices coinciding with an improved operational performance.'

The fundamentals, re. solutions implemented of this quarterly, outweigh simply focusing on the cash receipts recieved. Given the above from Petra, it was never going to be pretty. The realities are the fixes being implemented are rather inexpensive and par for the course of a first year producer (albeit one starting out during some rather difficult times re. Covid and Ukraine..inflation).

Keep in mind E25 has no debt and close to $22 million in funds as at 30th March. It is rare for a 1st year producer to be positioned as such. The main objective for the Quarter following the log wash failure was to move the production numbers back into line and to establish/implement solutions, which they appear to have done. Such fixes along with improved pricing bodes well for the current quarter numbers.

From a personal perspective, this period of ramp up and establishment of nameplate reflect a golden opportunity to build a position, as the Petra review has outlined above. I do totally respect some LTHs with much higher SP entry points are disgruntled. Personally I view this period as ripe time to pick-up cheaper shares from those exiting.

There are plenty of catalysts for 2022, both short and mid-term. Am focusing my attention on the company as they move towards the end of there first year producing. Stage 2, further drilling and news of Offtakes all ahead.