What changed was that the market started to see that the...

What changed was that the market started to see that the investment bank reports were wrong - at least in the near term.

So the value of lithium stocks since that time has increased - but not for ESS.

The reason that ESS' share price did not appreciate was unlikely to be due to the value of the lithium in the ground.

I think the market did not believe that ESS wanted to mine and likely wasn't capable anyway. Two years we have had a JORC resource.

Given circumstances, it's also likely that the price was manipulated down by a buyer who wanted to make a cheap offer at a 'premium'.

So the circumstances do not run in his favour, that's for sure.

What we do not know is the content of any discussions they had with interested parties.

On some level though, this is the market determining the value of ESS. I still expect a rival bid or bids.

And if not, its unlikely that an independent valuation of the company is going to recommended something materially different to the scoping value.

I cannot see this going to the current bidder for 50c. They just do not hold enough shares to jam this down our throats.