Ann: Scoping Study - HPMSM Conversion Plant Economics, page-31

Agreed, the market has lost a lot of confidence in the story being told, so at present it has put a low probability on the HPMSM being delivered. If E25 start to deliver economics at least close to the PFS there will be a multiple re-rate. This re-rate would come from more value being attributed to the ore business, the incremental value of expansion to 3.9MT/yr of ore for 1MT/yr of concentrate and the probability of delivering HPMSM without a large capital raise becomes accepted as plausible.

For what its worth, the formula below provides a USD NPV estimate of $440m vs the quoted $439m for the single train processing option. IMO this confirms there is nothing funny around higher prices/margins in out years. Within this formula of mine everything is discounted at least one year. Elements of the capital expenditure are discounted 1 and 2 years. The working capital allowance and the 20 years of margin are discounted 3 years. All the margin is conservatively recognised at the end of the period.

=PV(0.08,20,-73,0,0)/(1.08)^3 -35.4/1.08 -90.7/(1.08^2) -23.8/(1.08^3)

Other
Given what's happening in the lithium space, some exploratory drilling at the Lake Johnson pegmatites could be worth E25 considering to see if Hardcore aka Lakeview is a lithium bearing pegmatite. Hannan's drilled the prospect looking for Tin/gold and hit pegmatite intercepts of 60m (HCRC005) & 105m (HCRC009) - similar spot different angles, 66m (HCRC007), 27m (HCRC008). If there is a steep dipping, 50-100m thick pegmatite with a 300m+ strike length (05 & 08 are about 300m apart) and 200m+ depth you are well into the millions of ton's and it could be open in many directions. Some of the gold intercepts were good, but is it lithium bearing? With what some lithium juniors if this prospect had good assay results it would add a lot to the share price.

https://www.element25.com.au/site/PDF/03fbe224-0dbd-4050-a1ca-d365408915a6/LithiumPotentialConfirmedatLakeJohnston
170222 Lithium Potential Identified at Lake Johnston DRAFT (element25.com.au)
https://hannans.com/reports/121375-HNR-Lake-Johnston-Jan-2011.pdf
4th Quarter Activities and Cash Flow Report (hannans.com)