Ann: IGO: Lithium Joint Venture to Acquire Essential Metals Limit, page-185

I think of it this way.

We have 50 cents 90% locked in for the next 5 months. Sure only 5% above current SP, but...........

1. Decent chance of higher bid - minimum 20% or much higher (a good earn in 5 months), and/or

2. The independent report / expert showing that 50 cents is undervalued and should be sweetened, and/or

3. Favourable market conditions where ESS would have traded up above 50 cents over the next 5 months and leading to a sweetened bid or the project going back to development

The risk is extremely low, but the rewards seem pretty nice if any of them play out.

Patience is a virtue so they say.

I will be patient and hopefully reap some more rewards.