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.
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.