The Dawn of EV, page-1505

Unfortunately I think rocket is correct, the price has fallen back lots and is now around Dec21/Jan22 levels (in USD terms). In AUD terms the price is a bit stronger as the AUD has weakened against the USD.

Shareholders still have had very little information from E25 on shipping costs. If they are directly aligned to Baltic Dry costs costs then they could be somewhere under $15/t and possibly nearer $10/t. Back in November last year the 4 November announcement showed a Baltic Dry chart with the current price of 3,187 showing. At this point in time E25 noted that shipping costs were reduced to the low $30's per tonne. If there is a proportional relationship then a Baltic dry index then each 100 points on the Baltic is about $1/t. The current index value of 965 indicates the price per ton potentially be around $10/t (or around $0.32/dmtu). If shipping prices are now this low and stay at this level, this will make a big difference to economics.

If E25 can get nameplate and does indeed have a cost structure that is below US$3/dmtu there is good profit to be made even at these prices. This is however reliant on the same series of repeating issues. Nameplate is crucial not just for the additional volume but because it creates a higher volume base so any near-fixed or fixed costs are spread over more volume and become less per ton. What is the grade being produced and if below 32% will the current fixes get the grade back to 32-33% or will this only happen with different equipment (DMS)?

How large is the grade discount to the 44% Mn price, how does this vary with grade and how does it vary if high silica ore is shipped?

On the plus side, as Rocket pointed out, OMH is making good profits. This will mean they will be seeking to increase throughput which creates a willing buyer if E25 can increase production. It also means a willing partner to assist E25 to get to higher volumes.