Ann: Revised Shipping Strategy Yields Substantial Cost Reduction, page-178

Agree it will most likely lead to another leg down. Price has halved since the cap raise of $35M at $2.20. Proceeds will be used to fund the stage two expansion of manganese concentrate production from Butcherbird. Funds will also allow Element 25 to put a dedicated team in place to accelerate the flowsheet and plant design work to produce lithium-ion battery-grade manganese sulphate from the concentrate produced at the project. Perhaps a better description of the use of proceeds would have been " Funds will be used to cash flow operation until nameplate capacity is reached on Stage 1 " . JB needs to be very transparent with the market from this point on and not make any promises he can't fulfill - under promise and over deliver would be the right strategy at this point in time but not sure if it's in his nature to take this path.