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Element ( 25 Early cashflow rapid expansion ... QUARTERLY REPORT 30 SEPTEMBER 2021 Highlights Concentrate Ramp - up and Expansion • Milestone quarter with first shipment of Butcherbird ore in July 2021 . Second shipment of 27,000 tonnes of high - quality manganese concentrate departed Utah Point , Port Hedland for delivery to offtake partner OM Materials , a subsidiary of ASX - listed OM Holdings Ltd ( ASX : OMH ) in August 2021 . E25 has moved to larger shipments of over 50,000 tonnes for significantly more competitive shipping tariffs and has established a laydown area in Port Hedland to build stockpiles . September and shipments to be combined in larger shipment anticipated November 2021 . Meekatharra • Port Hedland Newman Butcherbird Project Geraldton ⚫ Kalgoorlie E25's Butcherbird project ramping up to steady state manganese concentrate production as plant is continuously optimised over first 6 months of production . Production operating at off - taker product specification and focus is now on reaching nameplate rated throughput . Perth Esperance • Revenue per tonne trending to PFS levels subject to successful ramp - up to nameplate , freight rates normalising to historic levels and phasing - in of substantial smelter credits for low impurities anticipated from Q1 2022 . • Stage 2 expansion of 3x production of manganese concentrate targeted in 1H 2022 primarily due to supply chain issues . Offtake interest is robust for expanded production . Battery grade Manganese Project • • • • Project team accelerating plant design and optimisation targeting a PFS release in H1 2022. Project scoping numbers are anticipated for release in December 2021 . E25 granted an eight - year Innovation Patent for rapid atmospheric manganese extraction . Test programme utilising run - of - mine concentrate from Butcherbird , the planned feed for the commercial conversion facility , with HPMSM produced consistently within the specification range of up to 99.9 % purity required by targeted offtake partners and achieved outstanding recoveries of over 97 % Mn HPMSM . E25 is continuing flowsheet optimisation test work to further reduce reagent consumption , waste production , operating and capital costs and carbon intensity targeting lowest quartile global cost of production HPMSM . COMPANY SNAPSHOT Market Summary Board of Directors : ASX code : E25 Shares on issue : 149M Share price : $ 1.795 Seamus Cornelius Justin Brown John Ribbons Chairman MD NED Element 25 Limited element25.com.au P +61 8 6315 1400 E admin@e25.com.au Element 25 Limited is developing the world class Butcherbird Manganese Project in Western Australia to produce high quality manganese concentrate and high purity manganese products for traditional and new energy markets . 25