Ann: Becoming a substantial holder, page-27

From what I can see, Odey will prove to be our biggest asset so far in the overall scheme of things (pardon the pun).

It seems they helped broker a deal for "Noront Resources" to be sold to Wyloo in Canada at about 3X their original investment price (just a guess as I know they were holding Noront in late 2021 when it was trading around 30 cents - final sale price to Wyloo $1.10/share).

Odey also seemed to pressure IGO into increasing their bid for Western areas from an original $3.36/share to $3.87/share. I believe Odey bought into Western Areas at a 1.5% premium to the initial bid price - sound familiar!!!

So I feel somewhat grateful that we have a new significant holder in Odey with 8% and potentially more of the company now in safe hands.

Apart from a rival bid emerging, potential catalysts being the independent report and a possible mining license may give Odey some nice leverage to push IGO a bit and get them to be reasonable with their offer price and increase it. It seems Odey may do ESS management's job for them given they seem unlikely to be able to do it themselves and considering ESS management have already "recommended" the bid in the absence of a higher bid and/or the independent report / valuation.

So a very nice development and justifies the decision to hang tight and see how it all plays out in due course.

I can be patient and have all the time in the world if it means an acceptable outcome in the end.