E25 13.7% 29.0¢ element 25 limited

Ann: Quarterly Activities/Appendix 5B Cash Flow Report, page-68

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    If E25 was delivering a 31% Mn product, a A$201/t cost and an exchange rate of 0.70 would be US$145.7/t and US$4.54/dmtu.
    If E25 was delivering a 33% Mn product, a A$201/t cost and an exchange rate of 0.70 would be US$145.7/t and US$4.26/dmtu.

    Both are higher than E25 projected pre-startup because E25 has a significantly fixed cost and isn't getting the volume that would (will) come with Nameplate.
 
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