General discussion, page-10003

How much potential is left for ENR? While they have had some promising results, they are operating in a narrow channel with no sign of a significant supergene enrichment. With a current market cap of $333 million, ENR would need to find something far more substantial to reach WA1’s $1 billion market cap. When WA1 was valued at $100-150 million, it had already discovered a high-weathered blanket.

I haven't invested in ENR but have considered it multiple times when their stock was between 20-30 cents. However, they are still in the exploration phase, whereas WA1 is much further along.

According to previous models, once WA1 enters the market, it will dominate, leaving little room for new entrants. The top three producers will be CBMM, WA1, and CMOC, with WA1 expected to fill a 50kt supply gap by 2030. If niobium batteries gain traction, demand will rise, and both WA1 and CBMM will likely expand to meet it.

ENR’s only chance is to produce niobium at a lower cost, which would require a significant discovery—such as a shallow, high-grade blanket deposit of at least 30mt at 3% niobium content. Without such a find, it is unlikely ENR will develop a processing plant or compete with WA1, which is already 20 months ahead since its major discovery. ENR has yet to identify a market-changing deposit.

I would love for ENR to stumble across a copper or gold deposit, thus generating immense interest in the West Arunta region. Multiple economic mines in the area would greatly benefit the creation of infrastructure for the region, boosting its economic potential and attractiveness to investors.