obviously throwing in the white towel but ESS only been above...

obviously throwing in the white towel but ESS only been above 50c three times since June last year and each time very briefly.

ESS need to raise money soon and the capex will be detrimental. A partner would take a big chunk of the project.

Someone like IGO can drill the area properly and perhaps increase the JORC

In the end management took 50c guaranteed rather than lots of maybes. ESS dont have the firepower to increase the JORC or get a very small project across the line

Lithium might be bouncing but few bad weeks plus a cap raise and ESS would be below 30c. Now they dont need to worry about raising money.

Weighing it all up I think it's a reasonable outcome. 60c-70c would have been preferred but it is what it is