Ann: Drilling Underway at Pioneer Dome, page-12

Ouch, that's a shocker.

Are 2 of the 4 best drill follow-up instances Lepidolite pegmatites, the 3rd is having a 4th attempt at an area between a small deposit (Davy 2.2Mt @1.03%) and a tiny deposit (Heller 0.7Mt @ 1.02%) with the 4th being to testing strike extensions on the tiny Heller deposit?

Are they the best drill targets ESS could unearth (pun intended)?

For those who have only heard the term, Lepidolite is a comparatively common form of lithium that is typically purplish in colour. It doesn't concentrate to the same grades as Spod. It has a more complex chemical structure than Spod and I understand its more costly to process to Hydroxide. Major lithium commentators have noted a circa $20k/t carbonate break-even point exists for Chinese lepidolite operations and that's Australian labour costs and without DSO type grade shipping costs from Australia. One Lepidolite operation went out of business as prices fell below $40k/t Carbonate. I suspect the main factor in MLS's pump and dump last year (up to 18c, back to under 4c) related to their lepidolite deposit. It superficially looked good when grades like 16m @ 1.12% were reported (for instance see 3 May 2022) but the warnings were there including no Spod references and noting that flotation tests managed to get to a... 3.05% grade. All the Spod flotation test results I've seen have been double that (although 5.5% may be a more economic grade/recovery rate tradeoff).



Pictures in the ESS announcement today: