Yo used-to-race, I actually wrote that for club members, not for...

Yo used-to-race, I actually wrote that for club members, not for general public consumption. members pay to get such info first so please don't just post private club stuff around without asking thanks . But ....as its out there for general consumption already,nd most members are long already let me add his.

the main basis for our bullishness is the remarkable results and execution of E25 and their resource.
1. Justin at E25 managed to get his mine going-debt free and with A$40+mill cash in hand by issuing just 150 million shares. That is a remarkable feat and rarely seen- and hats off to him. - and from the track record and experience of the FRB directors- and with only 50 mill shares out, we suspect/hope they could pull off a similar sort of feat.

2.E25's Mn deposit is easy to mine and of good purity also it separates almost at room temperature making it cheaper to produce. Plus we know from their successful SS study before (2018) that they can most probably produce high purity mn and also battery-grade MN. We, therefore, suppose/hope (quite logically) that FRB's mn should probably host the same sort of qualities.

3. So both stocks performance will be good anyway just from producing normal bog standard Mn for steel which makes good money - but E25 looks like it can also produce High purity MN sulphate (they did a successful SS on it and now doing their DFS ) - which sells for like 6 times more than bog-standard Mn - so we are hoping/presuming that nearby FRB's MN should logically have same qualities.

4. Why are we so bullish on the High purity Mn - its pretty simple -any logical examination of the growth of EV and the need for MN in the batteries shows that there is a coming shortage - or at least huge coming demand. Right now the only places where the giant battery makers or the giant car makers can get a sufficient and consistent supply of high-grade manganese are China/South Africa/ **on or Australia.

Both these companies E25 and FRB sit there right down a tarmac road from the port of Port headland in WA --one of the most reliable and respected supply jurisdictions in the world. E25 (and hopefully FRB) are also going to produce their MN in a carbon-neutral way - which makes for great marketing for Volkswagen/BMW/Tesla/Toyota etc.

Sojust ask yourself if you were investing billions in retooling your car lines and marketing Ev's as most the big car cos are now doing, and you know your gonna need a regular reliable supply of (preferably carbon neutral) high purity manganese on time and without political implications or interruptions for at least the three next decades - are you going to go to China /**on or South Africa for it? No- you would logically go to Port headland, WA to secure that long term supply.

And our guess is these giant buyers who desperately need regular new supply will probably throw A$ millionsupfront to help E25 (or FRB?) to develop their expensive Hp MN plants (about A$ 300 million) just to
1. ensure guaranteed supply into the future
2. Not let their competitors get it.

We estimate there are least 20 giant ore buying, battery making and car making companies who requlre this reliable and regular supply of carbon-neutral -high purity MN over the coming decades now. But as far as we can see there is only
1 (E25) and maybe
2(FRB -fingers crossed) who can supply it.

Look - BHP's Grootes Gemco mine - which has supplied most Oz MN (15% of the worlds supply) only has about 10 years LOM left and it's getting less economic and harder and more costly to make high purity Mn from.

OHM's Butu Creek mine is also drying up - hence why they hav eagreed to take all the offtake of E25 normal better Mn already.

So Who else can these many giant companies turn to for the next decades of reliable and growing supply? - no one as far as we can see.

That's why we think E25 is going o 10$ and FRB won't be so far behind.

If any reader out there does not agree with our investment thesis - or can prove us wrong, or can tell us new info that we don't have- then please do. so, - as we'd really like to know. Because we in the ten bag club have been investing big into e25 and now FRB So It would be better to know were wrong now!

But - if you can't disprove what we're saying -or you can see the clear investment logic we hope were using -then we'd strongly suggest you join us and jump in and buy these two stocks. cos this is looking more and more like a no brainer to us as thngs progress.