The market will start to look at Esr very differently, page-64

Fair points — and I agree, throwing around a $6B number right now isn’t helpful if it distracts from what actually matters in the near term.

But I’m also not putting any ceiling on ESR.

We’ve already got surface-verified grades up to 58.6% Mn across multiple outcrops. This isn’t “imagine if” — it’s “let’s prove scale and depth.” That’s what this 90-hole RC program is targeting — a 3km zone with known mineralisation. If continuity holds, this re-rates fast.

What makes this stand out is the simplicity:

* High grade

* Near surface

* Low strip ratio

* Low capex

* DSO potential

* First-mover advantage in a mining-friendly, underexplored jurisdiction

Add to that the strategic alignment with AWM Holdings — the world’s largest manganese exporter — and you’ve got commercial traction built in from day one.

Yes, full-scale development will require offtakes, logistics, permitting and funding. No one’s denying that. But assets like this don’t need to wait for DFS to attract serious interest. The market moves when scale and grade are confirmed — and we’re right on the edge of that moment.

So no, I’m not calling $6B.

But I’m not capping the upside either. Let the drill bit do the talking.