and the probability of delivering HPMSM without a large capital...

and the probability of delivering HPMSM without a large capital raise becomes accepted as plausible.

It will not work. I think the focus right now is on the financing and capital requirements of at least $150 million for the project (50,000 tons) and offtake negotiations with potential partners. The capital requirement is $150, $236, or $322 million depending on the stage of production and funding won't wait long for the manganese concentrate business to become profitable!In my opinion, the sale of manganese concentrate will not contribute any more money for the required HPMSM plant in the short term, especially since we are currently still losing money with production and sales anyway.So there will be a capital increase, or a joint venture with a large company. One could perhaps also start with level 3 as soon as a car manufacturer enters here.In summary, my opinion is that some confidence has been lost due to the current losses with the sale of manganese concentrate, the period until production (2025) is still very long and many imponderables can arise before then.Breaking even with the sale of manganese concentrate to OMH, an offtake agreement with a major automaker, financing for Stage 3 with low dilution, positive development in sales prices for HPMSM, all of these should ensure higher prices in the future - unfortunately that will not be the case now happen quickly as we all here hoped!

I'm still very optimistic and therefore remain fully invested!!