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.
E25 Price at posting:
$1.12 Sentiment: None Disclosure: Not Held
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