Despite its relative obscurity — Essential’s sole spell as a...

Despite its relative obscurity — Essential’s sole spell as a miner was in a previous life as caesium producer Pioneer Resources — its Pioneer Dome project was a rarity, at the time of the deal’s announcement in January, as one of only 14 declared spodumene resources in Australia.

Given its all cash nature and more than 40% premium, the 50c per share offer felt like a foregone conclusion.

That is until billionaire Chris Ellison’s MinRes (ASX:MIN) stepped on the scene last week.