Next train station: "$3-City", page-262

It's due to the Mn price and AUD strength. The insurance on this investment is the mining asset that they own and the zero debt structure. In a worse case scenario where E25 goes bankrupt (not that I think that this will happen) they can sell this gigantic asset to a large-cap miner for hundreds of millions or likely more and we as shareholders will still profit. The only risk is that management dilutes the company's shares with excessive capital raises. However management owns a large percentage in shares so I think this is unlikely. for me personally, this has low downside but very high upside.