Detailed quarterly; healthy cash balance

There’s certainly plenty of detail in the latest Euro Manganese (ASX:EMN) quarterly releases and our European high purity manganese Investment didn’t disappoint.

The headline number from the three EMN announcements today was its healthy cash balance of CAD$28M ($30.8M) which was in line with our expectations.

EMN did flag that to advance a range of project development initiatives it may have to raise capital further down the track - but we don’t see that as an immediate concern.

In fact, the cash balance enables EMN to begin the process of preparing an Engineering,

Procurement, Construction Management (EPCM) tender package for the next stage of development for its project. This tender is due to be released next month and it should be awarded in the first few months of next year.

In our most recent note on EMN’s positive Definitive Feasibility Study (DFS), we highlighted how we think EMN’s healthy cash balance should allow it to enter potential offtake negotiations with a strong hand.