ESS will need to update its slides as there's now another lithium JORC resource in Australia. RDT announced today 12.7Mt @ 1.2% - 3.3Mt @ 1.4% indicated, 9.3Mt @ 1.1% inferred. With a lower cut-off of 0.3% they could have got up to 13.8Mt @ 1.1%. The first initial reaction from the market wasn't good indicating the market didn't like the announcement and was expecting something larger/higher grade as an initial JORC resource.
Part of RDT's commercialization strategy involves a starter DSO operation. ESS looks to be heading that way also
RDT are also going down the DMS plus flotation route so they have no real capex benefit over what it will take to get ESS into production.
RDT's market cap is still higher than ESS, but the gap now might close.
General Discussion, page-1105
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