The market will start to look at Esr very differently, page-92

I’ve said from the outset that once we drill that first hole, ESR will be at 5c and I stand by that. To support this re-rating, it’s in ESR’s best interest for Chris (managment) to lead with a structured guideline in the lead-up to drilling in Timor-Leste.

Ideally, this includes a formal company update issued around three days before the first hole is drilled, outlining:

– The specific location and rationale behind the initial target

– The date the drill rig will be mobilised

– The planned day ground will be broken

This approach builds anticipation, demonstrates operational control, and signals to the market that execution is underway. With the right flow of information and a compelling narrative, 5c isn’t just possible—it becomes the base case.