Ann: Option to Acquire Pippingarra Lithium Project, Pilbara WA, page-75

Gents, I wouldn't worry too much about a CR. There are 15 million options outstanding at between 30-45 cents exercise price. Some only have a few months to go most all are to management and insiders - But as for a CR as I say management like - Tolga / Jeff Sweet ( Mark Creasey's son in law) who did this deal , Rob Jewson, etc are loaded.

If they convert their options to shares in the near term (which they would be mad not to) and 15 million oppies convert for around 40 cents - theres another A$ 6 million cash ontop of the A$ 1 mill they have now.- Thats more than they need to do a full lithium DFS on this existing mine -whch already has its mine rights.

And there will still only be 85 million shares out.

Its not like they cant afford to excercise - we know most of them are very rich - Particularly having just made a Killing more recently on Patriot Battery Metals (now PMT.ax in oz) but which was developed as Pmet .VN in Canada. That was another lithium play. It that ran from C$20 cents to c$18 last year. (Taking it from an A$25 mill Market Cap to a A$2.5 billion market cap ) - as it looks like this one could have the potential to do also - god willing.

Indeed PMET structure was very similar to IND now , a very tight shareholding (70 mill shares) - with insiders and management owning almost 40% - So these guys already have a big following from some instos In Oz and US/Canada who did well on PMET - And I believe they are now collecting up this one too IMO.

I spoke to one of the insto managers on Friday night - their view is this could easily get to a minimum of A$200 million MC just on speculation as they move to assay the other 38 - already done - but never tested for lithium - diamond head drill core samples.
If he is right an A$200 mill MC With only 70-80 mill shares out would translate into an A$2.50-2.80 SP.

I dont disagree just DYOR - all the surrounding Lithium mines around this one are owned by comanies capped between A$ 1-10 billion (as in WC8's Tabba tabba -PLS's-Pilangoora _MIN's Woodgina - plus AZS for example just got bought out for A$1.5 billion Last thursday. - that was a nickel explorer that only turned to a lithium explorer less than a year ago.

Then if the other core samples lying there proove even half as good as the only one that been tested for lithium - it could get very intersting . For IND to reach even well below parity with the other lithium mines caps all around them in the Pilbara - IND should have to go to around A$1.2 billion cap?? - with 85 mill shares out - that would mean an SP in the region of around A$15.- and boom! theres another PMET in the making

.I have been a substantial holder of this stock for a while -based on their very promising HP silica sand story - which I still like -they are IMO the best ASX silica management - they started years after all the other main ASX silcas - and are the only ones now with a mine licence - all their sites are on private land so far less eco hassles - they have more sites than all the other ASX silca players put together and I believe they are not too far off closing their first sand offtake deal.

IMO The potential of a sand deal alone IMO still makes this stock still cheap here at 1$ -even woithout the lithium potential.

Why ? Do the numbers, I estimate that if they can get their sand benificated in China to be suitable for PV glass - they could make 20-30$ a ton profit - China (and the world) is short of glass -particularly PV glass for solar panels - its estimated China is short around 10 million tons a year (as they make 80% of the worlds solar panels) and so need as much PV glass as they can get- and silca sand mining is now recently banned in China. If IND can get say 2-3 mill tons a year of that shortfall- which it seems they are in advanced negotiations on now (see their recent announcements) at say 20-30$ profit per ton .- that would be about A$40-90 mill profit per year.

Lets call it A$50 mill profit per year? and put that on a 10x pe (the construction materials avarege is actually 18x) and that could imply an MC of around A$500 mill divided by 80 mill shares = 6$ per share.

And dont get me started on the High Purity quartz story!! just go and do some research on how high that price is in China now - even when most other commods prices in China are falling.

So personally I see the lithium deal as icing on their main HP silica sand cake. But to be honest I dont care which of them gets the stock to 5-6$ - thats my current target.

Looking forward the the journey. And well done to Jeff Sweet for putting such a good seal togerher -its trully Sweet - guess hes leaning from his father in law? As you can see im long and Im bullish- and I hope for good reason.

GLTAH