"results look worse than what they actually are."
Agreed, E25 does have some income that hasn't been included yet although it should be pointed out that OMH pays partly for manganese ore that is stocked in the port shed ready for shipment.
At last E25 gives some guidance for costs and its obvious why they've been hiding it as no mention in previous reports.
Unless Mn ore is above US$6/dmtu CIF then E25 will continue to bled money.
I've always said that E25 is a high cost producer and can only breakeven when the Mn ore price is at record highs as seen in June qtr.
At todays Mn ore price CIF I'd estimate that E25 is losing upwards of US$1.20/dmtu. This doesn't sound much but on a 30,000 tonne shipment its a $1.5 million loss and doesn't cover admin costs etc.
E25 has lost sight of the main game which is to make a profit.
E25 spends 90% of its time talking Mn battery BS, which will be a NO GO if the company cannot make a profit doing the simple job of digging and shipping Mn ore.
E25 Price at posting:
92.0¢ Sentiment: Sell Disclosure: Not Held
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