Ann: Stellantis complete first equity investment of US$15M in E25, page-41

Yep there is no escaping that E25 have been talking about nameplate being just around the corner for way too long. Some investors have lost faith that it is. They certainly have material that they have shown to the likes of Petra Capital that have provided them confidence. The upcoming quarterly will be very telling in terms of what improvement (or absence of improvement) there has been. If they have really turned the corner there is hopefully news of another ordered shipment soon because its been a month and a bit since the last one departed. Operating at nameplate requires sending circa 50-55kt away on ships at a frequency of just short of every two months.

The comments around what sized loss there will be indicate many investors have lost faith that the ore operation could be profitable - at current low prices and also that if E25 were operating properly, should be profitable in many pricing environments.

Re GM / Stellantis, no it isn't confirmation that things in the ore side are better. HPMSM stage 1 needed 72ktpa of ore (18kt/qtr) E25's last quarter production was just over 3x that so they know E25 can produce the Manganese that a HP plant would require. They did not have a wide range of good choices to get western HPMSM and what is unclear (but it doesn't matter now) is whether E25 would have still won these deals if there was stronger competition.