IMO the scenario sketched by many ELM buyers is the least likely...

IMO the scenario sketched by many ELM buyers is the least likely outcome. Here, ELM continues to drill finding are ever larger resource with grades of 30-33% KCL. Amongest this the shallow and level hanging-wall seam gets maintains its level shape (remember these are sea sediments) and the seam gets bigger and bigger with many dril results at/above 50% KCL... some touching 60%. The sheer richness and uniformity of seam attracts articles in geological magazines and favourable comments appear everywhere. Meanwhile SP rises steadily as retail investors gain confidence esp as grain prices continue to soar and the issue of food shortage makes mainstream news. ELM do a CR at say $1.40 to complete another JORC and fund BFS. Speculation grows as to which institution this explorar will use to fund the capex required. Meanwhile the massive Potash manufacturers in Canada pour billions into their deep (4,000'+)mines struggling with water intrusions that have bedevilled expansion for 20 years.

Much more likely IMO is that one or more of the massive Potash players (or a newbie like BHP) say: Bugger this idea of drilling 4,000' for KCL at 20-26% when directly across the Atlantic we can mine at 600' and with rock at TWICE the grade and about one-quarter the cost of extraction.!! Very hard to envisage ELM being ignored and left to continue on its own. My hope is that a bid.... when it comes... is quickly followed by a higher counter offer. Each week this resource grows the higher the cost of any bid will need to be to ensure any hope of success. Hence, i reckon it's not a share to watch and wait... until the resource reaches a certain minimum... or SP breaks a particular line. EVERY indication demonstrates this is a discovery that is world class in size and richness... along with the fantastic advantage of being a fraction of the depth of current mines. Hence, if you want to invest time is of essence. dyor.