Ann: Becoming a substantial holder from CHN, page-26

Agreed bluesky - although there could be many outcomes, and we would be the last to know, I simply don't see any need for ENR to take on a JV at present, or ever.
Hence I just think it is a shrewd investment - possibly with LT thoughts of becoming a cornerstone if/when ENR plays catchup.

Here are some thoughts why ENR will not JV

1. There is already enough drilling results to know the area is fertile for Nb in carbonitite - I probably would not call Crean a discovery yet, others would I'm sure. Nor the identified trend from Crean to Hurley (including 282m @ 0.54% Nb2O5). Would you?

2. A large area of interest where these results exist has been identified as Olympic Dam age intrusives - but much closer to surface - and is on granted lease. See ASX ann 2022-10-25.
What that means is beyond me, but undoubtedly at that time the Earth was giving up a lot of mineral wealth, including such that BHP's O.D. is also the worlds largest Uranium mine - just as a by-product.
Could West Arunta become brother.

3. Luni, right on the boundary and on WA1 tenement is proof of concept.

4. Exploration preliminaries are complete or almost so across the huge area of the intrusive.

5. Although other ENR projects are already in JV (with IGO and South32, and BHP recently walked from Elliott, a Cu play in NT) others are very worthwhile, but still ENR is concentrating hard on Aileron and Nb. IMO that is their Company Maker focus right now. Not the right one to JV out.

This is not investment advice - just thoughts. Please do your own DD, and be certain to share.