The issue that no-one is really talking about is the impact this has on the entire E25 thesis. We were supposed to be profitable from the get go. This cashflow was to fund the battery grade expansion.
The delayed PFS is in my view - delayed so that this has time to sort itself out. They dont want to release the PFS and then say "ok so the PFS numbers are great we have to delay action because we have no money as our concentrate biz is still burning cash".
Either that or give a tonne of it away to a funding partner.
This has gone from a solid business with blue sky optionality - to a marginal business that needs alot to go right, just to get back to original base case.
I acknowledge this might be a washout low on poor sentiment - but for me the trust is gone and until I see evidence to the contrary Ill stand aside.
E25 Price at posting:
$1.41 Sentiment: Hold Disclosure: Held
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