The grades are okay but currently nothing to get overly excited...

The grades are okay but currently nothing to get overly excited over, which appears to also be reflected in the Agreement Terms with a resource over 15Mt @ 0.9% Li2O, which would be comparable to Liontown's Anna deposit at Buldania Rocks. Proving up a resource of that size would likely sit in the $100-250M value range so there is definitely potential in this project. Similar project sizes would be Mt Cattlin (11Mt @ 1.2% Li2O) and Pioneer Dome (11.2Mt @ 1.21% Li2O). ESS would support the $100M+ evaluation of a similarly sized deposit if proven out. If this project was IPO'd as a flagship project it would likely open in the $60-100M range based off recent market euphoria for lithium.



It is refreshing to see a company use XRD to determine/confirm the lithium chemistry and luckily no dirty lithium micas. Further, spodumene-albite dominant pegmatite is always a good sign. Will be interested to see what becomes of this moderately sized soil anomaly.