Interesting that CXO reserves are only 56% of their resource. Given that our deposit is shallow and tabular in shape, hopefully it can be mined quite efficiently, with the reserve being a greater percentage of the resource.
If our MRE update due in a few weeks comes in with a resource of 13-14Mt as hoped, we may eventually end up with a reserve pretty similar to that of CXO.
With any luck we'll get an announcement early in the new year with respect to an offtake partner. Perhaps a preliminary memorandum of understanding.
That, together with the larger resource size, should then give our share price the boost it needs to get at least over $1, at which point we'll be in a much better position to negotiate a finance deal that hopefully includes both equity and debt components.
ESS Price at posting:
46.0¢ Sentiment: Buy Disclosure: Held
