The US treasury's confirmation of foreign entity of concern...

The US treasury's confirmation of foreign entity of concern structures will have helped provide clarity but has most likely also created more problems for OEM's.

IMO the next step is the various OEM lawyers/advisors now need to see if this definition matches, is close or quite different to their working assumptions. If its different they need to rework all their thinking (and quickly). If its close, they then go through the critical minerals in the supply chain and see if they have an eligible solution for every one of them. If missing only one or a few, then they start looking at deals to close out the gaps and have a critical decision - Do they strike deals that should get them eligibility? Do they go with an importation model for the US? Do they go with non-eligible US produced on the assumption that either the rules will change or most competitors will also fail to achieve eligibility?

Given the market structure of Manganese, most car companies are going to have a problem but E25 isn't the only solution option. The question around whether they do a deal with someone like E25 will most likely relate to whether they can tidy up the other loose ends in for the other metals/minerals. I wouldn't be at all surprised if there was rapid movement in December on Offtakes/Financing.