Great post, really enjoyed your breakdown. I completely agree...

Great post, really enjoyed your breakdown. I completely agree that Estrella looks like they’ve done the groundwork here. When you’ve got 6 months to pick your first hole, and surface manganese grading over 50% — the odds of delivering something meaningful on the first drill look high. Daws’ confidence in Singapore wasn’t just theatre, it feels like they know what’s about to come out of the ground.

That said, I’d add a few nuances to the price target discussion. The 10–15c upside is definitely possible if the result lands and the market pays attention ,but it really depends on how much exposure the announcement gets and how much trader capital floods in. If we see a volume spike where even a quarter of the register turns over, then yeah it could go parabolic quickly before cooling off as traders take profit.

Worth noting though: ESR’s register has tightened significantly in recent months, with the top 20 holding a much larger portion of the company now. That could help stabilise the register and limit the usual churn — a real plus in any early-stage momentum play.

Also, one thing worth watching: the true thickness of the manganese zone won't be fully understood from visuals alone. Even if the visuals are spectacular, the market might surge, then enter a lull while we wait on lab assays from Australia, which can sometimes take weeks. Hopefully, management can fast-track the lab process — maybe even drop a $10k kicker to expedite because momentum is everything in this kind of story. Letting sentiment drift while waiting on assays is a real risk in this market.

But overall, I agree — this is one of the more exciting setups on the ASX right now. Fingers crossed they hit, and hit big.