2 different companies, 2 different management teams - but very...

2 different companies, 2 different management teams - but very similar sized resource and grade and similar Tier 1 type jurisdiction.

One management team (ESS) values their company and resource at $130 million and wants to give the farm away for a pittance urgently and doesn't want to develop it.

The other management team (EUR) value their similar resource at closer to a Billion dollars (for Wolfsberg ONLY - they will keep their other assets) and have also just done a 50/50 JV to process the spodumene into Lithium Hydroxide - thereby looking to profit from the mine and then also the processing.

The 2 management teams could not be more different in the value they see in their similar sized, similar grade, similar jurisdiction resource.

While we're at it, another junior in WA (GL1) have outstanding management and will develop their resource in due course and create nice value for holders.

I bought both ESS and GL1 at a similar time. GL1 has outperformed ESS about 2:1 over the same period of time. They have done deals, drilled, progressed a scoping study with more reasonable metrics (spod was US$2,500/MT from memory) and they are absolutely committed to the project. They also have a similarity of MIN on the register - although GL1 see MIN as a friend and an ally, and not a foe as ESS does.

Management is so crucial to a company's prospects and unfortunately that limits ESS a lot. Hence better they get a T/O deal done and move onto their next lifestyle speccie that they have no intention of rolling up the sleeves and developing.