Element 25 Limited provided an update in relation to the Pre-Feasibility Study (PFS) currently being completed in relation to the company's 100% owned Butcherbird High Purity Manganese Project (Project). Multiple work stream are progressing, with all key programmes nearing completion. No fatal flaws have been identified and the company remains of the view that the Butcherbird Project has the potential to drive a long life, low cost high purity manganese production hub producing Electrolytic Manganese Metal (EMM) for the steel industry as well as High Purity Manganese Sulphate Monohydrate (HPMSM) for the lithium ion batteries that will drive the Electric Vehicle (EV) transition. Importantly, the work to date has identified a number of potential modifications to the flowsheet implementation strategy which are expected to have a positive impact on capital and operating costs and the decision has been taken to undertake this additional work prior to finalising the Pre-Feasibility Study (PFS) in 2020. A more detailed timeline to completion will be provided once the schedule for this optimisation work is finalised. Open pit optimisations are complete pending receipt of detailed operating cost estimates. The associated documentation is well advanced and awaiting finalisation for inclusion into the PFS documentation. Given the low stripping ratios, and free dig mining methodology, mining costs are not expected to be a key cost driver for the operation. All PFS metallurgical test work is now complete and final results are being compiled. The work has shown slightly higher recoveries than the Scoping Study test programme, with all other outcomes in line with expectation. The test programme has successfully yielded a high purity Electrolytic Manganese Metal product grading 99.9% Mn, which exceeds the required purity for commercial sale. The work to date has identified a number of priority flowsheet implementation optimisation steps that need to be completed prior to finalising the engineering design. This work will extend the timeframe for the publication of the PFS into 2020, however the potential improvements to both operating and capital costs are potentially significant and therefore the decision has been taken to undertake this work prior to finalising the PFS.