Not way off mate - Justin himself said that revenue from HPMSM...

Not way off mate - Justin himself said that revenue from HPMSM will be 10 fold the Mn Ore business so you're in the right ballpark. At current share price what is so attractive is that all of the HPM stuff is upside, the traditional Mn Ore business can easily support the current SP and even much more (just look at the planned cashflow).

Still awaiting the updated flow sheet & PFS obviously but it looks like we are going down the path of producing HPMSM from a leaching & purification process. HPMSM is what is required for the cathodes, most would need to either produce HPEMM or do a roast reduction before they can then convert that into HPMSM - E25 is in a unique position where we appear to be able to skip the HPEMM step & without the need for those really expensive (and power consuming) inputs... this will be E25's cost and green advantage over competitors.

I'd recommend watching this interview
https://webinars.6ix.com/6ix/Commissioning-for-Growth?bmid=2af45b9ab9b1

Euro Manganese investor preso also has a bit of information about the wider market and HPEMM / HPMSM production - they are using an old & really low grade manganese carbonate tailings. They talk about 'not all manganese being made equal' which is why they can turn a profit processing a 7% Mn grade, so if E25 can really do what they plan with this leaching/purification, just think about what that means given our 33% Mn grade.