We all get that. Higher costs...lower margins...etchence the...

We all get that. Higher costs...lower margins...etc

hence the forecast profit of WW is $150M/y as you said, and E25 is more modest.

this is not a competition to see which mine makes more money, they are trying their best with limited resources to establish a profitable business and then try to jump on the battery wagon as a value adding proposition.

they also have a pit with higher grade to be added in the future.

you like it, invest. You prefer to invest in S32 and sleep at night, good on ya.

re HPM. The 99.5%, 99.9% grades you are quoting are for EMM, not HPMSM. From that pure EMM (expensive) product then you convert it to a sulphate to make a cathode precursor. E25 idea (among others) is to bypass the expensive, carbon intensive electrolysis, and hydrometallurgically produce MnSO4 at low carbon footprint and cost effectively.
The EMM produced in China has Selenium, hence the MnSO4 produced in China has poison. Good luck using that and recycling that battery.
E25, EMN will make Selenium free Mn sulphate.
E25 should power the plant on renewable fuels from day 1.

no TNT left overs either.

I guess that in the future there will be other small mines jumping straight into battery grade production, skipping the ore business where you need economy of scale and a big financial support to weather the low prices times.

E25 will either make it or serve it on a tray to a big brother at a fair price.