50 cents undervalues the asset considerably and I was looking...

50 cents undervalues the asset considerably and I was looking for $1+ over the next year or two.

However I also didn't expect ESS to halve from 60+ cents a while ago - to below 30 cents - which hurt a bit to see large paper profits disappear.

I was actually topping up around the 50 cent mark not long ago but the majority of my holdings are well under 20 cents.

It wasn't so long ago that GL1 (never confirmed but my assumption) made an un unsolicited bid for ESS at I'm pretty sure 50 cents or above. So let's hope GL1 are still interested and see value in having another go at 60 or 70 cents.

GL1 are probably just big enough (over $500M MC) to make a play for ESS which would give them 3 very nice deposits. Even as a DSO project selling at say US$500/MT (or about half the recent CXO DSO auction price), the in-ground value of Pioneer Dome is US$5 Billion . On current DSO pricing, we are looking at closer to US$10 Billion in-ground value of the ore.

So A$150 million seems well and truly undervalued if you ask me, as they could just about get some trucks and diggers in there in the next 12 months or so and start extracting the ore (pending permits etc of course).

So fingers crossed GL1, MIN or someone else with deep pockets sees the extraordinary value here.

Management are either very dumb and selling way to early for way less than they should, or they may be quite smart knowing that they will likely receive higher bids and cash out at a reasonable price higher than the current bid.

I've been waiting for some more M&A activity in the sector and always said ESS would eventually be taken over. I just didn't foresee this happening in the first couple of weeks in January!!.

Game on!! Fascinating to see what happens in coming weeks.