The company has received written confirmation that the NAIF CEO has considered a strategic assessment paper for the project and has consented to the NAIF executive to progress the project to the due diligence stage of assessment.
These events represent a positive step forward as NAIF will further investigate the potential to provide debt financing for Butcherbird.
The next step for Element 25 is to submit a formal investment proposal while it continues to advance its pre-feasibility study (PFS).
PFS work continues
E25s managing director Justin Brown said: “E25 is enthusiastic about the progression of the project to NAIFs due diligence stage, and looks forward to work with NAIF to achieve a successful funding outcome for the world class Butcherbird High Purity Manganese Project that has the potential to provide benefit to the local community for decades into the future.
“In parallel with the pre-feasibility study, E25 is also actively working on funding solutions for the project.
"NAIFs decision to progress to due diligence stage is a positive result and an important consideration as E25 looks to complete its pre-feasibility study and implement its funding solution.
“It is also worth noting that manganese was identified as a critical mineral in the Australian governments recent critical minerals strategy which bodes well for long term demand for this important steel and battery raw material.”