Yeah that's the thing, market isn't very excited about ESS further potential, even though they have a big prospective tenement. Because ESS will need a lot of money to go hard on exploring, and they appear to not want to do that (cash burn) - they're rather happy with the current deposit and want to see what they can do with it.
Essential Metals Managing Director, Tim Spencer, said: “The work undertaken this year to improve the quality and confidence of the Dome North lithium Mineral Resource has paid off and we are now positioned to move into feasibility studies to determine the optimal development pathway. This work, which entailed drilling and metallurgical test work focussed on the Mineral Resource, allows the Company and its Scoping Study manager, Primero, to complete a scoping study that will assist in attracting a project partner that is prepared to help fund development of the Project in return for offtake rights. We will of course be considering all development options including fast-tracking Direct Shipped Ore (DSO) cargoes as a means to bring forward cashflow.”
So that's their main objective
In saying that, it looks like they have identified (and will continue to try to identify) new targets for potential further drilling in a few months time (whether they actually do further exploration drilling im not sure)
"focused on discovering new spodumene-bearing pegmatites at the Pioneer Dome Lithium Project."
(focused on discovering - no mention of drilling)
The only reason i have a buy sentiment is because compared to peers, they're undervalued At the same time though, some peers price in further potential - and the market isn't pricing in further potential for ESS (rightfully so) If a take over offer comes in, shareholders will get a small pay day
ESS Price at posting:
33.5¢ Sentiment: Buy Disclosure: Not Held