I'd also like to know what's there and there would appear to be...

I'd also like to know what's there and there would appear to be a lot of potential. CHR drill results support this contention.

Exploratory drilling is however a soaker of money and E25 hasn't yet got is ore operation to the point where they generate rather than consume cash. I thought that by late 2022 E25 would have got the ore operation sorted but it still requires work. Unfortunately E25 isn't blessed with surplus cash to fund ore operations that were modelled to now be providing cash, fund expansion of ore operations (if they made money) and progress HPMSM. While I'd like to see a small exploratory drilling program at Lake Johnson, I'm not sure this would be prudent before the ore operation is providing operational cash flow and the exploration program can be funded from this. Management bouncing onto the next shiny thing before getting the ore operation working properly would not be a good development.

Also while Lake Johnson would appear to be a good prospect, there are literally thousands of km's of greenstone bands in WA (the green strands bordered by Pink in the map above). With the exception of Greenbushes, the other 9 JORC resources are all on the greenstone boundary, which is a characteristic of Lake Johnson but also a large number of other areas. With only 14 JORC resources having been defined so far, there's a lot more misses than hits within exploratory drilling.

I thought I also saw a $150m for 10Mt reference in WR1 threads but I haven't gone back to confirm if that was the source. This reference is now at best outdated and at worst intentionally misleading. GL1 has 50.7Mt @ 1%. If this statement were correct the market cap would be over $800m when you add on the $76m cash they had at Dec22. The ASX quotes their market cap at $426m or excluding cash about $70m / 10Mt @ 1%. ESS has more than 10Mt @ 1% and is subject to a takeover that values the company at less than $150m. If the statement is 10Mt of Measured and Indicated resource then there's a significant expense to drill to that level of accuracy.