Ann: Quarterly Activities/Appendix 5B Cash Flow Report, page-23

Thank you for the technical explanations. Not that we misunderstand each other. If it is practically possible and E25 can mine and sell ore profitably within a short period of time by ramping up the plant and hiring new workers, then so be it. My only concern is that all of this can be implemented within a short period of time.

Especially since E25 is currently in the high phase of planning/construction and final financing of the battery plant in the USA and there is still some preparation work to be done there at short notice. I therefore think that at the moment it is better to focus on building the plant in the USA and thoroughly preparing the expansion of the Butcherbird plant rather than gamble on possible profitability in the short term because of the increased manganese prices. But that is just my personal opinion!