Because the market is inefficient at valuing companies...

Because the market is inefficient at valuing companies appropriately, AND the market half believes ESS own management including Tim who are on record as saying recently the company was worth / valued at 37 cents.

ESS own management was telling us holders the SP would tank back to 30 cents if we didn't vote for the TLEA. They were wrong!!

EUR has a similar sized deposit to ESS and they are pushing ahead with a merger on NASDAQ which will value their asset at US$750 million. Same size deposit and grades etc, different but both safe jurisdictions.

MIN also paid up to 58 cents for their shares so clearly they also disagree with Mr.Market's assessment of the value of ESS.

Anyone with half a brain can see this asset is worth a lot more than 50 cents to several buyers. So it's managements job to now make that a reality and create value for shareholders. Something they don't seem too intent on doing in recent times.