ESS share price relative to rumoured suitor, page-10

You are lying to yourself if you think ESS deposit is better than GL1.

The above picture is from one of GL1's projects, they have multiple Outcropping lithium-bearing pegmatites across their projects and plenty left to explore. Last week they announced they found a new lithium bearing pegmatite at Marble Bar, and it appears they are finding more pegs to explore at Manna. There is a reason Mineral Resources (ASX:MIN - an $11B company) took a 5% stake as a cornerstone investor - the geology of the projects are very good. MIN also took a position in PLS during their early stages.

GL1 currently has ~20mT of inferred resource (on par with CXO after all their recent upgrades) - and this resource figure is not including the last year+ worth of drilling and assays (such as the ones you are posting) and the remaining drilling program (i think around 100,000m worth of drilling to be incorporated into an updated mineral resource later this year).

My guess is that GL1 will have around 30-40mT by the end of this year (more than CXO).

CXO was at the right place at the right time - and they did prove that you dont need a massive resource to run a profitable lithium mine while lithium is in high demand. So it is entirely possible that ESS's 11mT is enough for a FID - but we wont know until the economic studies are complete. It looks like the director does appear to believe its enough and wants to replicate CXO as they also started off with a tiny resource too. Unfortunately it looks like ESS were unsuccessful for resource extension to the north and at depth based on todays announcement.

Im not a geologist so i cant really comment on ESS's land for further potential (ESS land is 400km2 so possibly further potential to explore i would guess) - I just think they dont have the right team to get things done (and it doesn't look like they're too interested at trying to explore further). The best thing to happen to ESS would be to be taken over by GL1 and let them aggressively explore it to its full potential. The market is always right - part of the valuation is the team behind the project and forward-looking.

ESS had its original 8mT resource in 2019 and then updated to 11mT in 2020.
Its now 2022 and its still 11mT and not a lot of progress until recently. ESS will be releasing an updated figure by the end of this year - but i dont think it will differ much based on the recent results. Its more so to become 'development ready' and for economic studies to determine if a future mining operation is possible.

Repeating myself a little here but i think ESS project is undervalued (or valued lower) for a reason, and i think ESS project does have great potential and investing here does make sense - but they just lack the aggressiveness required and the right team. Either way i think a take over would be a win-win for everyone involved