Next train station: "$2-town", page-96

Thanks for your considered thoughts and I hope you are also having a good Easter break.

E25 have been reporting high volume, circa 10% grade for 10+ years and followed this up with discussion around simple benefication by wet scrubbing. Clearly my alternative view is different view from the way E25 have and are presenting things. It still may however have value as an explanation piece.

If other Manganese operators were reporting 10% JORC resources, it wouldn't be an issue but they are often a lot higher grading making it superficially look like E25 has a huge pile of something useless. Having a smaller pile of something valuable would IMO be an improved perception. Given there is no strong P&L result yet to support that it works, I suspect a lot of potential investors don't get past the 10% grade and that the earnings in the PFS are yet to occur. There may well be a modest window of time (which we are in now) where its clear the financials are turning but the market hasn't yet recognised this. Well at least thats what I think is the case, otherwise I've made an expensive mistake. I'd love to see confirmation that a 55kt+ shipment is planned soon that a 2nd similar shipment is in June (not July). The quarterly will be good to see.

100% agree that there would be a higher strip ratio (and lower tonnage) on this alternative presentation so its not a completely free lunch. I have however seen a lot more negative comments around low grade than I've seen positive comments about the low strip ratio.