Current valuation suggests that drilling to date is worth less...

Current valuation suggests that drilling to date is worth less than the cost of undertaking it and that is surely wrong.

Upbeat tone to the ann and ounces will surely follow - as the MD said you don’t need a million of them near Kalgoorlie.

Problem is with the time it will now take before ESD is cashflow positive. How will they fund much further drilling there and elsewhere to keep the ground they have pegged without dilution? The Company’s done nothing wrong operationally but it was the structure of the last cap raise that brought it here.

Can they find a less wealth-destructive way to progress? - guess we’ll find out soon.