The Dawn of EV, page-1159

Transport costs to port
A September 2020 video by E25 breaks down a US$2.80/dmtu cost into 6 components.
$0.20 Corporate, $0.26 Royalties, $0.38 Mining, $0.67 Processing, $0.15 Site Admin, $1.14 Logistics (trucking). The combination of the Mining and Processing figures yet again confirms E25 as a low cost producer.

Using 0.70 to convert the Logistics US$1.14 figure back to AUD, the Logistics is A$1.63.

So transport costs are 9c/t/km and this is going to create a massive cost of A$1.63 - exactly what E25 planned to spend. All this confirms is that E25 is delivering is largest cost item exactly in line with a dmtu cost breakdown that is 11c cheaper than the PFS.

A price falling to US$5.00/dmtu
Starting at US$5.00 and excluding shipping at $0.60/dmtu and a grade factor of $1.30 has a pre-smelter credits price of US$3.10.
Costs are around US$2.91 (or the US$2.80 above) while at 365Kt (but is expected to drop to US$2.65/dmtu as production increases to 1MT). Last time I checked $3.10 was larger than $2.91 (or $2.65) so again E25 is profitable. This is before factoring in "substantial" smelter credits and the possibility that further shipping gains reductions below $0.60/dmtu are possible. While I would agree that at 44% Mn pricing of US$5 won't generate the PFS level of profitability, at this price point E25 should still be generating profits if at nameplate production.

And by 2025 the price falling to US$4.50. Shipping should have returned to normal and be under $0.60/dmtu but even if it isn't - E25 is still profitable if smelter credits are even close to the PFS. $4.50 less $0.60 shipping less $1.30 grade less $2.65 prod/logistics plus $0.55 credits = +$0.50/dmtu. 1MT of ore at this down-side price is generating a US$16.5m operating profit. By 2025 E25 could also be making big profits from its HP processing.

Also Mn is an industry where the gross weight of ore is >50Mt is produced each year. Stockpiles of 0.5Mt or even 1.7MT do not even represent two weeks of world-wide production. With respect, stockpiles need to be larger than two weeks world production to seriously move the price down.

E25 is a low cost producer and will benefit from the subsequent price explosion as the high cost producers go bust.

Lets counter-balance this down-side scenario with an up-side assumption that the 44% price is the OHM average quoted in its quarterlies across the period Mar 2017 to Dec 2018. This was US$6.79/dmtu. Using the same figures above $6.79 less $0.60 less $1.30 less $2.64 = US$2.25/dmtu. 1.023MT at a 0.70 exchange rate and 33.1% grade is an operating profit of A$109m. You don't need two many years like this and E25 will be in a great position to ride out any period of lower Mn prices. Even a sniff of a year like this and the Market Cap of E25 won't stay where it is.