SOME MANGANESE CONCENTRATE WORKINGS AND COMMENTS, page-6

Thanks Whipstock for the analysis which looks spot on.
(I printed it out so I could go through it in more detail)

Your pricing of 33% grade Manganese is perfect and applying a 20% discount is probably realistic.

Even with these discounts etc, the project looks like it will be a nice generator of cash and profits, but we have to wait for the PFS to confirm.


The only issue (which I'm sure management are looking at now) is the CAPEX required to move forward.
Everyone I discuss E25 with says ... oh yeh great story, undervalued etc ... but they'll need to raise cash.
So they aren't buying any. (but I am)
This is one of the things holding the share price back for now I think.

The last thing Management would want to do is to issue 100 million shares at 20c to raise $20 mill.
They've kept the share structure tight for 15 years to not let it blow out now.

So maybe they could sell 10% or 20% of the project to one of the big Korean or Japanese groups in return for a chunk of cash (and these groups get off-take?)

Or hopefully the PFS is good enough to get attention and the stock runs to 40c or 50c?
But a cap raise would still be at a discount and would be at 30c will is still not ideal.

I guess we will have to wait and see.