Overall this seems pretty promising to me, lots of exciting news...

Overall this seems pretty promising to me, lots of exciting news up coming but I do see Rocket's point as something that needs addressing. If we don't get the basics right what is the point? It seems that we are suffering from old mistakes (particularly the ore sorter) - read on and at the end the (speculative) point could help address that.

Pros:
- FS update saying that it is on time (Dec 2022)
- Off take discussions expected to be finalised in the 'near future' (noted as same time as FS so Dec 2022)
- New production record of 1251t/d
- Strong results from DMS trials

These are all solid items, particularly in the HPMSM space. I am also, despite the excuses, happy to see the trend in production volumes continuing up but slower than I would like. Also, even though largely supported by very high Mn prices, can we celebrate being in the black this quarter?

The main concerns (to me) are:

- Mn Price. If we cant stay profitable in the falling price environment, there isn't much point to the HPMSM. What I would note to the falling price though is that with the USD so strong this would also play a role in how drastically the prices (in USD terms) have moved.
- Scalper screen. Not sure if I missed it or another announcement but has it been installed yet and in use?
- Wet season incoming. I work in the pilbara for a different company and know that in about a month or so the rain will start coming. If we don't have significant ROM stockpiles for processing we wont have a hope of meeting production. A harsh down quarter could offset any positive HPMSM news flow.
- Grade. No commentary on grade is frustrating. Hoping smarter people than me (looking at you WTT) can do some analysis to see if there are improvements since last quarter.

Notably all these concerns are related to the ore side...

Closing thought:

A bit speculative, but is it possible that the company can bring the positive news story for HPMSM to advantage the ore business? It is known that for the HPMSM to work we need to be getting sufficient ore out of the ground to fulfil requirements to OM as well as provide the feedstock for the potential future HPMSM plants. Based on this any offtake agreement could also include financing (debt or otherwise) for supporting the stage 2 expansion and inclusion of DMS? The vibe I am getting from the business is that we want to proceed with DMS, and if it can be brought in along with an expansion to the plant to support the required higher volumes that would play a major role in de risking the project - which works to our advantage as shareholders but more importantly is a de risking factor to whichever company signs with E25 for HPMSM off take. This would solve the ore issues (which seems mostly to do with plant through put bottlenecked by ore sorter and grade) and also crystalise the next stage of E25s business model with a leg and arm through the door of becoming a HPMSM producer. Could nullify most of the E25 bear case?

Open to any criticisms/points I've missed in the above - but the net position I find myself in is still bullish and hopeful for a strong 12 months from here.