Ann: Kangan Gold Project update, page-17

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11/08/20

08:49

Post #: 46442005
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Originally posted by Felix1965: ↑

Just sent this to Novo

Hi Leo,

I am an ESS shareholder and ESS today announced “price sensitive” news that field work and sampling would commence on heritage cleared tenement E47/3318 by the end of September. Novo reported on 17 December 2019 that the same small portion of E47/3318 had received heritage clearance.

This section of E47/3318 is a significantly small portion of the 4 ESS tenements. Why are field works and sampling commencing at a time that may not provide any results until after the December deadline for the earn into a JV? With such a big team at Egina why has this exploration been ignored?

E47/3945 lies directly between the Egina Mining Lease and Paradise, but there is not even a mention of trying to attain heritage clearance. Why is there no attempt to push for clearance on a tenement between two known hot spots?

Is Novo going to base their earn in decision on such a poultry percentage of the total land mass within these tenements?

I’ve already emailed Tim Spencer (ESS CEO) and this potential JV worries me. I don’t like the lack of information, I don’t like the supposed lack of activity and l don’t like the prospect that ESS shareholders may not see the true return they deserve. I especially don’t like the idea that the ESS Board may accept a very ordinary offer from Novo (without ESS shareholder approval) to acquire 100% ownership of the 4 tenements before they are truly explored.

Hoping you may be able to improve the information flows to provide some comfort.

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"I especially don’t like the idea that the ESS Board may accept a very ordinary offer from Novo (without ESS shareholder approval) to acquire 100% ownership of the 4 tenements before they are truly explored." Kangan and Matsa,s ( I am also a shareholder ) Bellary Dome are practically the only Pilbarra prospects Novo dont own at this point . Your fears are well founded .

ESS Price at posting: 10.5¢ Sentiment: Hold Disclosure: Held
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