Great Update, thanks for sharing!
But the question needs to be asked: why is Management still in Indonesia, especially when funding has already been sourced in Australia?
I'm fairly certain that it might all be made clear sometime next week. The update Chris gave is welcomed, and I also expect another before they depart Jakarta!
Now the focus now must be on this upcoming drill program. Funding is the easy part; hitting the target is the hard part.
What I'm looking for in February:
A detailed, clear plan for the calendar year: This should include funding timelines, drilling timelines, contingency plans, pivot plans—basically how this year will be executed.
A drill plan of at least 50 holes: I will get these analyzed by industry professionals. These plans should initially focus on one discovery, as previously with other projects (e.g., Carr Boyd) it was very sporadic in the sense of identifying the source (I hope learnings have been made). The point here needs to be: let's fully explore one prospect. If it's hitting, raise funds off the back of the success of the localized success to fully investigate other discoveries.
Equipment arrival updates (announcements).
Permitting to be successfully passed.
Continued buying leading up to the commencement of drilling in March: After this latest Cap Raise, Id suggest that 3c is now our new floor!
Top 20 list released Soon:
Continued visits by key industry stakeholders: Glencore etc., larger key players perhaps taking a position in our top 20 holders or at least "running the rule over ESR if this Campaign proves to be successful.
Emphasis: The easy part was funding. ESR got this right in 2021 when they secured $10 million in funding from Regal. What didn't go right was the forward planning with those funds. Chasing Massive Sulphides across Carr Boyd's 228 sq km when nickel prices were high and Spargoville remained mothballed.
The revenues from Spargoville, if distributed to fully define the resource and mine in 2021 when Regal injected $10 million into ESR, in conjunction with ongoing work at Carr Boyd, would have made a huge difference. Instead, management realized this far too late and spent funds late, only to find that the nickel at Spargoville had dramatically dropped in value and made the operation non-viable.
For me to stay invested in ESR, they will need to tick boxes. If they don't, then we should be concerned. So far, so good.
(20min delay)