The market will start to look at Esr very differently, page-46

@wrice93 — Appreciate your caution, but I wouldn’t be so quick to discount anything. Let’s just walk through some facts:

• Groote Eylandt (GEMCO), operated by South32, has been mining manganese since 1965.

• Over that time, it’s produced over 150 million tonnes of high-grade manganese ore.

• In the 2023–24 financial year alone, they produced around 3.9 million tonnes, generating approximately A$992.6 million in revenue, nearly a billion dollarsin just one year.

• If you run today's numbers over the historical production, Groote has generated tens of billions of dollars of manganese wealth over its life.

Now, bringing it back to ESR:

• ESR currently has around 2 billion shares on issue.

• A $1 share price would equate to a $2 billion market cap.

• If ESR proves up even a fraction of the manganese resource potential that Groote has demonstrated, especially considering the growing demand for manganese in batteries and EVs, it's not absurd to suggest this could happen over time.

• Groote Eylandt was once just "an exploration project" too, in fact, back in the early days, it would've been considered a remote long-shot.

Nobody's saying it will be easy or fast, but history shows that truly world-class manganese deposits can create billion-dollar companies.

If Groote Eylandt could do it starting in the 1960s, without the modern tailwinds of battery demand, then why can't ESR achieve something special today?

Smart investors keep an open mind. Discount nothing until the drill bit, the assays, and the offtake deals have spoken.