Ann: Trading Halt, page-21

E25 is raising $30 million at $1.12 per share (stock closed at $1.435) to accelerate the planning and construction of a battery grade manganese plant likely to be built in Louisiana in the US using a combination of equity and debt contributions from (1) on-shore US manufacturers (not necessarily US manufacturers but also foreign manufacturers producing in US plants) of electric vehicles and (2) cathode manufacturers.

E25 may also qualify for further funding by US Department of Energy released as part of the Biden Administration’s Bipartisan Infrastructure Law to expand domestic manufacturing of batteries for electric vehicles and the electrical grid and for materials and components currently imported from other countries (ASX listed graphite producer Syrah Resources recently announced a US Department of Energy loan of US$102 million, and, separately, a US DOE grant of US$220 million, both to support the anode plant jointly developed by Syrah with its partner in Louisiana, USA).

E25 is close to announcing multiple agreements with OEM’s/cathode manufacturer(s) for the supply of E25’s battery grade manganese metal.

This process has had a fire put under it by the US Inflation Reduction Act, as Australia has a free trade agreement with the US and no other country supplying manganese has that essential requirement of the Act (see quote from E25 CEO Justin Brown below).

E25 is now the sole source of near-term battery grade manganese metal from outside China.
E25 believes it will have the lowest operating cost in the world including all of Chinese production.
Markets are beginning to realise that while it’s possible to choose to invest in more than 250 ASX or TSE listed companies in lithium, nickel and graphite, E25 is the only company that is investible for near-term manganese battery grade metal.
Investors are realising that manganese is by far the cheapest substitute available to replace other much more expensive battery metals in cathode production.