Ann: Campoona Spherical Graphite Project Concentrate, page-39

Yes those Wadikee tenements ITM definitely has the graphite rights.

Have looked at both pretty closely and to date ITM seems to have the more promising potential resources in my opinion but DYOR

There is obviously the graphite which appears to be abundant in the area (which is ITM’s). ITM also have the advanced/permitted graphite project at Campoona where they are currently doing all the work with ANZAPLAN proving the resource as suitable for battery anodes and developing a sustainable processing approach.

The REE opportunities to date seem to be in favour of ITM as well. CMX has found REE’s but not near the surface like ITM have. ITM has also found over much bigger areas. CMX still could do a lot more drilling and find closer to the surface. Would be interesting if they drilled to the west of their tenement closer to ITMs Caralue prospect which looks very promising.

I suspect both have quite significant Kaolin resources. CMX does have the Manganese on those tenements but suspect there’s not quite enough of it to make it a viable project.

CMX also have their HPA tech/solution which could be very promising, but is a completely separate opportunity that I personally don’t know enough about.

Both are potentially interesting companies, but in terms of resources I think ITM is the more promising and advanced opportunity. That picture should be clearer in the next few months with potentially company defining updates.

This is only my opinion though and would be interested hearing what you discover. Battery materials and energy transition going to be so relevant globally over the next few decades and Australia so well placed to play a leading role.