Element 25 Ltd (ASX:E25) intends to take a cautious approach to resuming norming operations as Western Australia eases COVID-19 restrictions.
This includes initiating the process of re-opening the company's office in coming weeks, subject to the rules and advice from government and health authorities.
Director fee decision reversed
With the easing of restrictions in Western Australia occurring more quickly than initially anticipated, the board has reviewed and reversed its cash conservation decision announced on April 27, 2020, with respect to director fee reductions and the proposed issue of options.
The company had planned to reduce the cash component of director fees by 20% for six months, and to issue 200,000 options to chairman Seamus Cornelius, 750,000 options to managing director Justin Brown and 150,000 options to non-executive director John Ribbons at a price of 20 cents per option.
Butcherbird Manganese Project
The company continues to make excellent progress in relation to the development of the Butcherbird Manganese Project and looks forward to further advancing the project as soon as possible.
A scoping study has been completed with respect to developing the deposit to produce High Purity Manganese Sulphate for lithium-ion battery cathodes as well as Electrolytic Manganese Metal (EMM) for use in certain specialty steels.
A PFS is being completed and this is expected to further confirm the commercial potential of the project.