The market will start to look at Esr very differently, page-10

I tend to agree, there’s been a noticeable shift in sentiment and anticipation as we edge closer to drilling. With the vessel carrying the rig reportedly due into Dili this week, everything appears to be falling into place.

The AWM backing remains one of the most underrated aspects of this story. You rarely see the world’s largest manganese shipper taking a strategic stake in a microcap explorer, especially pre-discovery. Combined with multiple capital raises at a premium to market, it’s clear there’s strong conviction behind the scenes.

A move to 5c pre-drill is well within reach in my view — and recent trading suggests there’s already been some quiet positioning.

Once those positions are set, I think we’re in for one hell of a ride.

Let’s see how the next few weeks play out.

GO ESTRELLA