Ann: Stellantis complete first equity investment of US$15M in E25, page-36

While E25 has a comparatively simple operation its not a DSO operation because the ore is going through a concentration / beneficiation stage. Its unexpected issues in these stages that improve the grade that are lowering output volumes. The JORC resource is at 10% or thereabouts. The shipped product is circa 30-33%. If this was DSO shipping then the shipping grade would be aligned to the JORC resource grade because all that's happening is digging ore out of the ground, crushing it and trucking/shipping.

Agreed, its not a high complexity beneficiation process like flotation but its not DSO either.

E25 have tested the ore through a DMS concentration/beneficiation process with superior results to what the optical ore sorter was achieving. Expansion plans will almost certainly use DMS so that would create a turnaround. E25 have been implementing process changes within the flow sheet using an optical ore sorter and that also may create the turnaround. If it hasn't, E25 will at some stage determine DMS is necessary. It would appear to be when not if the Ore business is turned around and is either by getting the ore clean enough/ of optimal sizes that the optical sorter works, or by installing a DMS.