Ann: Bulk Test Yields Very High Purity 99.95% Manganese Metal, page-4

After years of holding this asset, hoping one day it would come off, the stars seem to be aligning. Whatever process they came up with at the CSIRO, it clearly works. Its a pity our pollies don't pour more money into the CSIRO instead of cutting its funding. It really is the workhorse of innovation in this country and should receive substantially more support. Disclosure - not a CSIRO employee !

If the stars really do align, DNK will get its full financing, start development / get bought out, the share price of DNK goes way way higher,  and then E25 sells its holdings in DNK and has a lot of funds to contribute to Butcherbird development, and require much less from the market.

Still, you have to take a long term view on this ( 3 years), and lots can happen either way, but it seems pretty cheap at these levels. With roughly $7m to $8m of investments, and a market cap of $14.5m, this is attributing little value to Butcherbird, after you deduct a theoretical shell value. And with an asset that could supply the EV space which is flavor of the day, there is a lot to like, including the Board driving the project.