review of announcement shows that they have found a mineralised...

review of announcement shows that they have found a mineralised nickel copper system
1) great news they are in the system like azure's nickel system
2) next steps to find where the nickel and copper is concentrated - this is like finding the tail of a mouse or elephant - they just need to chase it now

recall not all projects found in WA esp nickel found on first drill hole - step by step looks like ERW have the right team
board has all expertise and consultants number 1 in WA ?
not sure what else punters want - company has it going to do something - doesnt over promote (good thing) - just does good old fashion exploration (eg Chalice - just need patience and luck - they went from $20m to $2b)

in addition - they have found Pegs with Lithium (accident) - this was not purpose of the drilling

very clear Azure value is $160m + for nickel and Li (on 100% basis - dont look at market cap alone they only own 60%)
ERW is around $11m on 100% basis

other assets are a bonus - eg Graphite critical for EV and batteries - major find by ex FMG geo now running Buxton - ERW controls all area around them !!

upside huge