Shareholders get a large manganese resource (260mt @ 10%...

Shareholders get a large manganese resource (260mt @ 10% including inferred) that is a significant distance from port - risk transport costs to port
With beneficiation its a resource that can be 33% to perhaps even near 35% (with DMS)
They get an infrastructure setup that can process circa 60kt/qtr but was intended to deliver 90kt/qtr. At 60kt/qtr it needs ok Managanese prices to make money and strong prices to make good money - risk that after a couple of years trying, E25 haven't got things optimised and comments shift as to where the problem is so it may be 2-3 choke points, not just the optical ore sorter.
Even if mining rates were to double or triple by new or replicated processes, there's still potentially 100 years of ore there (but as its mainly inferred, this isn't reflected in the life of mine)
There is enough density differential that a DMS process produces strong beneficiation results, confirmed in test work (so there is a grade/recovery solution, it just comes with a capital cost)
With a seriously large resource, the financials do work for an investment into higher cost beneficiation equipment like DMS but it requires JB to swallow a dead rat in that he recommended the wrong beneficiation process - risk will he and the board do this?

Re HPMSM

• They get an 8 year patent on the purification process (20 Sept 2021 so presumably through to Sep 2029)
• A process that produces HPMSM that has been accepted by two of the biggest car makers in the world (accepted they are still only modest EV makers but you don't make collectively 12m car's in a year without having robust processes around who will be in your supply chain)
• They get two first-rate offtake partners Stellantis (6m cars in 2022) and General Motors (5.9m car sales in 2022).
• A partly funded project for an HPMSM plant in the US - risk where is the rest of the funding coming from?
• Study financials that indicate a robust profit should be made once the HPMSM plant is operational - is the sales price assumed realistic. Its higher than current Chinese prices but a Chinese supply chain isn't IRA compliant
• Through building in the US they should get the battery material tax credits and may get other funding/grants that assist getting into production. Despite E25's small market cap, their two offtake customers mean they will get taken more seriously than the MC would suggest scope for expansion beyond 65ktpa HPMSM
• They are part of a battery thematic that at some stage may have Manganese being the next hot thing
• Adding Manganese to LFP improves battery density so Manganese looks to be part of both key chemistries (which would put it ahead of Nickel or Cobalt)

Re other

• Some cash, but not nearly enough to implement current plans
• As at the 23Nov 2022 notice, JB holds 7.5m shares so has a lot of reasons to work towards creating shareholder value (even if currently unsuccessful)
• E25 are holding a bunch of tenements around Butcherbird. Its unclear what if anything useful is in most of these
• There's the pinnacle cobalt project they have been trying to sell/partner to that most likely has minimal value.
• There's a past nickel project that most likely has little value given it hasn't been sold.
• They have a good-sized tenement in Lake Johnson area (where CHR are exploring) but at this stage no lithium drill results and the value of other properties in the area indicate the market value for this property is low, even if it may have good potential.