So far, I am not aware of any public statement that the release...

So far, I am not aware of any public statement that the release of the PFS was officially announced by E25 for July / August 2021.

Even if it is, it is completely insignificant. Quality takes precedence over speed and the publication takes place when the PFS is completed.

In this context, the content of Petra Capital is important for me personally, who last week issued a buy recommendation for E25 with a price target of 3.98 AUD. There it says:

A $ 3.98 / sh Price Target underpinned by low risk expansions
Our Buy recommendation and A $ 3.98 / sh price target is set in-line with our fully diluted NPV at an 8%
discount rate. This assumes average life-of-mine manganese prices of US $ 6.20 / dmtu (44% benchmark
price) and $ 30m of new equity funding at $ 1.71 / sh.
Our A $ 716m valuation for E25’s manganese business is primarily attributed to E25’s manganese
concentrate business (A $ 604m). Our estimates largely reflect the Dec 2020 PFS metrics, after
accounting for recent cost inflation in shipping and transport. Management has demonstrated an ability
to deliver to guidance and the concentrate business alone represents A $ 3.05 / sh, or 60% upside from
the current share price. The current share price is factoring in no production growth, which provides a
material opportunity for investors given the high confidence of the reserves, the proven product quality
and path to market, as well as scalable infrastructure with minimal expansion capital.


This information in the report Petra Capital is more important for me:

"The company is investigating investing in a high purity manganese facility that would be fed by Butcherbird concentrate. We expect a PFS reviewing the potential for a 50ktpa HPMSM facility using E25 ore by the end of 2021. This could lead to a DFS during 1H 2022 and first production in 2024."

I assume that the writers of the report have a little more background knowledge than we do.
If E25 would like to finance this plant for the production of high-purity manganese from its own resources, then you need a much higher rate than the current rate of 2 AUD to keep the dilution as low as possible!

If this is the case, E25 has good reasons, out of self-interest, to let the price rise further - perhaps with well-dosed news / publications (good quarterly figures, ramping up the system to nominal capacity by the end of the year, PFS 2021, acceptance agreement, DFS 2022) !

There is still tension here !