The Dawn of EV, page-1271

There are several catalysts in the near future (3-6 months). Five possibles/probables are given below:
1. Substantial further gains on shipping - The Dec quarter had shipping costs of low $30's/t for a planned shipping volume of 47k. They actually shipped 41k but the shipping company wouldn't have reduced their price for this. That could have created an effective price in the mid-high $30's/t or over USD1/dmtu. The Baltic dry is now 1,418 when it was over 3,000 when shipping was last contracted. This revenue offset will reduce and could easily be around the US50c (or lower) mark. This will show in the next quarterly.

2. The next quarterly should confirm whether or not the smelter credits are real. I suspect a lot of the market is discounting them. They may become visible in the half-year report that sould be about a month away. Revenue recognition accounting standards could well have E25 recognising the smelter credits (if the value is known), into the period when the ore was shipped. This would have July 2021 to Dec 2021 revenue being higher than the cash received in the sum of the last two quarterlies. If there is a difference it may clarify the size of smelter credits.

3. Information around expansion including binding off-takes, updated financials and information this sheds on the financials and outlook for the existing operation.

4. Further details on HP Mn including something solid like an off-take agreement.

5. Something around the non-Mn assets of E25. E25's website says they are looking to divest their Pinnacles Nickel/Cobalt project - both quite desirable exploration minerals at the moment. Their lake Johnson lithium tenement looks interesting but it appears to be on the back-burner at present. If a capital raise is needed for HP is needed late 2022/early 2023, it could be wise for E25 to sink a few dollars into rock-chip assay's &/or a small drilling programme and release some hopefully strong lithium results first.