am going to recap my thoughts on what happens next.If there is a...

am going to recap my thoughts on what happens next.

If there is a total miss we may be back to 10c. In my view that's very unlikely. A more likely negative scenario is a near miss and they have to reset the drills etc. No big deal but a disappointment. But I'll be amazed if one or more of the conductor plates are not hiding Massive Sulphides.

If you look back at Azure AZS and how they exploded in 2020, they had had a small pre-run as the previous owners of Andover already had a mini hit but when Azure first hit it started a run over two months as more hits were made and as results were confirmed from about 5-10c to 90c. That died back following a too large (IMO) CR and realisation that their hits either were not quite as high quality as hoped or would be harder to get at and mine (Ridgeline). But they still maintained a decent MC of around $90m until a few weeks back when they got a bit of cash for their Pegmatites Li. That compares to ERW 15m.

Now.. considering both ERW (leaving aside Pegmatites and Errabiddy which is early stage) and AZS (leaving aside Pegmatites) are basically one trick Nickel ponies, then the trajectory of ERW MC could follow Azure MC EXCEPT ERW owns 80% of Andover West whereas AZS owns 60% of Andover - that equates potentially to a 33% premium in ERW's relative valuation.

So where are we now? ERW at MC of $15m. AZS over $100m. Thats 7x. Add the premium for owning more of the tenement and that makes for 9x. Translate that to the SO and 26c could like like 1.50 to 2.30.

What might that mean for the ERW SP on a first contact? Surely 2-3X but remember we're drilling 3 holes to 5 targets over only about two weeks. And DHEM will be concurrent on hole 1 as they drill hole 2 (etc). By the time ERW gets to hole 3, NewExco will already know what the DHEM is showing on hole 1. I hope we see a decent first kick then an accelerating rise until assays are done in a few weeks time.

But do remember there are $4m of options to be sailed thru (thats good as will fund loads more drills at ~$250k each). And the biggest unknown on the SP remains that ERW isn't yet promoted. I hope Tom and George correct that asap. Time for the "old Karratha boy" to come out of the shadows?