Ann: Trading Halt, page-106

With Spodumene prices in the 3k range...



Given our 11.2 Mt of Li2O @ 1.21% would contain north of 800,000 tonnes of Spodumene, even at a 30% discount to current prices (roughly $2k per tn of SC6), we could be looking at around US$1,600,000,000 for the contained SC6 and whoever who is planning to buy us out would still have a solid 20-30% upside potential should they develop Dome North within 1.5 years to production.

$ESS current market cap - A$167m.



If the board wants to maximize current value, they should take no less than A$4.00 per share IMO. Anything less, they can very well go it themselves to bring Dome North into production + secure an offtake partner who, through the terms of the offtake, could pony up some contingency cash to expedite the operation into production.