Element 25 offers timely entry ahead of a potential re‑rate as Butcherbird scales and the Louisiana HPMSM project progresses, providing exposure to a fully funded expansion of a world‑class WA manganese operation vertically integrating into the US EV battery supply chain with tier‑one strategic partners.
Element 25 Limited (ASX:E25)
E25
Lead Manager
Contact - Jake Grbavac
0474 484 982
jake@liquidity.com.au
Offer Price
A$0.300
per share
Offer Size
A$18,000,000
Offer Details
Issue Price (Per Share)
A$0.300
Discount
10.45%
Offer Size
A$18,000,000
Shares Available
60,000,000
A$18m single-tranche placement, with the ability to accept overs, at A$0.30 per share.
Discount
- 9.1% discount to last close
- 6.4% discount to 10 day VWAP
Documents & Downloads
Company Overview
Element 25 Limited is developing a vertically integrated manganese business, underpinned by its 100%-owned Butcherbird Manganese Project in Western Australia. The project hosts a large JORC resource of 271 Mt at 10% Mn and an ore reserve of 101 Mt at 10.4% Mn, with simple, near-surface geology and low strip ratios supporting low‑cost, low‑impact open-pit operations, and a fully approved expansion targeting 1.1 Mtpa of manganese ore for sale into traditional steel markets and the company’s downstream battery materials strategy.
Element 25 is progressing a planned HPMSM refinery in Louisiana, USA, designed to produce up to 135 ktpa of battery-grade high-purity manganese sulphate monohydrate using Australian ore feedstock and an improved, cost‑competitive process flowsheet to supply the US electric vehicle market. This downstream strategy is supported by a US Department of Energy grant of about US$166m, US$115m of equity and offtake prepayment commitments from General Motors and Stellantis, and a A$50m NAIF senior debt facility for the Butcherbird expansion.
Butcherbird Manganese Project (100%)
- World-class manganese resource in tier one jurisdiction
- Large resource with growth potential:
- Resource 271Mt @ 10% Mn (27.4Mt contained Mn)
- Reserve 101Mt @ 10.4% Mn (10.5Mt contained Mn)
- Simple geology – low-cost, low impact operations
- Ore from surface
- Low strip ratio
- No explosives or dewatering
- One reagent (water) & low contaminants
Robust economics – Butcherbird Feasibility Study
- 1.1Mtpa manganese ore operation fully approved by WA regulatory framework
- Manganese concentrate to be sold to steel industry partners and planned High-Purity Manganese Sulphate Monohydrate (HPMSM) facility in Louisiana USA
- Capital cost A$64.8m, 18.3 years LOM with 1.3 years payback
- Pre-tax NPV8 A$561m and IRR 96%.
NAIF A$50m senior debt facility for Butcherbird Manganese Expansion Project
Vertically integrated global HPMSM supply with an improved, cost-competitive cleaner process technology
- Planned Louisiana manganese refinery to supply US EV markets
- Plans to produce up to 135ktpa of HPMSM (65ktpa per processing train)
- US Department of Energy US$166m grant provides cornerstone funding to support project success
- US$115m financing commitments – GM and Stellantis as equity and offtake prepayment
- Utilises Australian ore feedstock to produce high purity low carbon battery grade manganese sulphate.
Use of Funds
Funds will fully fund Butcherbird project expansion to 1.1Mtpa and working capital.
Disclaimer
This site does not constitute an offer, recommendation, or invitation to any person, nor does it purport to provide all of the information an interested party may require in order to investigate the affairs of Element 25 Limited. This site is provided for information only and has not been prepared with the intention that the recipient should rely on it. Liquidity Technology Pty Ltd ("Liquidity") does not make any representation in relation to the contents of this site or give any assurances as to the accuracy or the degree of care or diligence used in preparing this document. The information, data, and advice herein is provided to recipients on the clear understanding that Liquidity nor any of its representatives, directors, officers, employees, agents, or advisers makes any representation or warranty about its accuracy, reliability, completeness, or suitability for any particular purpose and does not accept liability (including, but not limited to, for any expenses, losses, damages, and/or costs (including, but not limited to, indirect or consequential damage)) nor take any responsibility of any kind whatsoever (including, but not limited to, whether in contract, tort, financial or otherwise) for the information, data, or advice contained in or for any omission or for any other information, statement, or representation provided to any recipient (including, but not limited to, as a result of information, data, or advice being inaccurate, unreliable, incomplete, or unsuitable in any way and for any reason whatsoever). Users of this site must conduct their own investigation and analysis regarding any information, statement, or representation contained or provided to any recipient or its associates by Liquidity or any of the Liquidity Personnel. Each recipient waives any right of action, which it has now or in the future against Liquidity or any of the Liquidity Personnel in respect of any errors or omissions on or from this site, however caused. All rights are reserved. If the whole or any part of a provision of this "Notice and Disclaimer" is invalid, illegal, or unenforceable, then such provision will be severed and neither that part or provision or its severance will affect the validity or enforceability of the remaining parts or provisions.
Disclosure of Interest: Liquidity receives commission from dealing in securities and its introducers of business may directly share in this commission. Liquidity and its associates may hold shares in Element 25 Limited.
