The feasibility study had a construction timeline of 6 and a half quarters.
If Q1 year3 is Dec 2025 then Year1 Q3 is June 2024 and the beneficial operational date is very early 2026 (but some commissioning product would probably be produced in 2025 enabling 2025 production claims to be arguably correct).
If Q1 year3 is Sep 2025 then Year1 Q3 is March 2024 which is looking doubtful as you note.
Unless there's a heap of announcements in the next few weeks or the construction timeline has been reduced from what was outlined in the scoping study, E25 aren't producing before Sep 2025.Announcements can go bang, bang, bang but at the moment the market is pricing as if HPMSM projected revenues aren't happening anytime soon.
In October 2023 E25 noted:
Back in April 2023 the feasibility study had the timeline below:
E25 Price at posting:
26.0¢ Sentiment: Buy Disclosure: Held
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