Sadly in business hope isn't usually a good plan. I assume you...

Sadly in business hope isn't usually a good plan.

I assume you mean for Glencore to provide funding or operational support. I could see that maybe funding could be an option and based on the change in strategy for extraction it could make sense that Glencore finished the sample, then gave feedback that ESR needs to increase the quality of the extraction. The sample and this shift in extraction planning must be linked. But the big question is why Glencore would bother to lend them cash and take the risk? I don't think they're a financer. It would be nice if they came to the rescue - well actually better than nice, a miracle, but I'm saying no chance there.

So that leaves operational support from Glencore. Again, why would they do that? If Glencore wanted to be in Ni mining for the long haul why did they get rid of so many Ni mines 5 or 6 years ago? I assume they want to focus on other things so this tiny deposit probably won't tickle their fancy. So they won't buy it and won't help turn it operational. My conclusion is no chance for Glencore. Doesn't fit their company strategy.

The ESR management team failure that I can see is they burnt so much cash drilling at CB without a clear income stream to support the future. This put the company at serious risk. Spargo has been there all along and could have been supporting with positive cash flow if we didn't burn millions chasing the mythical elephant.

They've tried the "trust us, we have a lot of Ni in the ground - we just need to find it" line before - surely they can't try yet another CR.

Loan on the back of the DFS is really the only option but lets not forget the capital markets have tightened - the interest rates will not be very attractive. The share price is correct - we're in penny territory now. Only way out that I can see is funding or takeover from a very risk tolerant market. First move would surely be to remove the board and senior management. DFS is now 9 months behind in a company that does not have any meaningful cash income - no sense of urgency when the ship is sinking, or worse no clue what they're doing.
"Strap yourself in" was the call 2 years ago, they just didn't mention it was going to be to protect you from the thump when we hit the bottom.