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Element 25 halted ahead of news on Butcherbird Manganese Project PFS completion

The flagship Butcherbird High Purity Manganese Deposit is a world-class resource with JORC resources more than 263 million tonnes of manganese ore.

Element 25 Ltd - Element 25 in trading halt ahead of Butcherbird Manganese Project PFS completion
Element 25 is completing a pre-feasibility study as the next step towards commercial production

Element 25 Ltd (ASX:E25) has news pending in regard to completion of a pre-feasibility study (PFS) at Butcherbird Manganese Project near Newman in WA and has been granted a trading halt.

This halt will remain in place until the beginning of normal ASX trade on Tuesday, May 19, 2020, or when an announcement is released to the market, whichever occurs earliest.

E25 shares last traded at 20 cents, more than double the close of 9.5 cents on March 24.

High purity manganese project development

The company continues to make excellent progress with development of the Butcherbird project despite the restrictions brought about by COVID-19.

Although there has been some impact on the provision of services by third parties, the company has continued to progress the PFS.

The company is also continuing to bring forward plans for a potential start of production via a low capex manganese concentrate export operation.

Preserving cash

This work is progressing while the company is preserving as much cash as possible during the pandemic restrictions.

This includes issuing options to the managing director and non-executive directors and reducing the cash component of director fees by 20%.

This fee reduction is effective from April 11, 2020, and is conditional on shareholder approval being received.

The reduction will be for an initial period of six months and will be subsequently reviewed at this time and if required, will remain in place.

Quick facts: Element 25 Ltd

Price: 0.405 AUD

ASX:E25
Market: ASX
Market Cap: $39.84 m
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Element 25 'well funded' as it progresses PFS on Butcherbird manganese project

Element 25 Ltd's (ASX:E25) Justin Brown sits down with Proactive's Andrew Scott while at Mines and Money in London 2019. The company's flagship asset is the Butcherbird manganese deposit, which has been described as Australia’s largest onshore manganese resource. ''The PFS is around 90%...

on 27/11/19

2 min read