Ann: Huge Mineral Resource increase at Springdale, page-29

They're both proven to be amenable for CSPG and BAM material with purification greater than 99.95%. So the met work for both deposits is heavily de risked although for IG6 I assume they'll have to prove the rest of the deposit areas also have favorable metwork. RNU would never have bothered to go to DFS stage if this wasn't the case. IG6 now has 80% the resource size and the same or better quality CSPG and BAM product so they are fast catching up to RNU in project timeline. We also have added downstream processing of coated spherical graphite which fetches a massive premium to uncoated which I think is what RNU is marketing.

As I said earlier I don't see IG6 closing the gap in valuation to RNU anytime soon with the graphite market being in the toilet. With petroleum coke being at dirt cheap prices means the price of synthetic graphite is also coming down to compete with the cheaper natural graphite sources such as RNU and IG6. RNU also releasing a DFS with a IRR of 25% based on uncoated spherical graphite prices 3x what they are now also blew up any positive sentiment in the ASX graphite sector.