Ann: Pioneer Dome Scoping Study, page-116

See below Scoping Study for GL1 - just up the road.

Here is a company that actually wants to get into production and create value for its shareholders.

Here is a company with very good management who realise what they have and the value of their deposit.

Sure, the GL1 deposit is larger, but ESS is still of a reasonable scale and is close to surface.

ESS have clearly attempted to "talk down" their scoping study to justify their decision to support a lowball offer.

Thankfully, the owners of ESS (including me) must reject management's poor decision and push for reasonable value to be achieved.

GL1 have used US$2,500/MT for 5.5% Spodumene

ESS have used US$1,500/MT for 5.7% or US$1,447/MT for 5.5% equivalent by comparison

GL1 have used a reasonable 8% NPV for their calculation, ESS have used a 10% NPV to make it look as bad as possible.

If we simply plug in the far more reasonable GL1 assumptions into the ESS scoping study, we get about double the NPV for Pioneer Dome.

No doubt potential buyers of ESS will do the same - or have already done so (such as Odey).