Ann: More Positive Rare Earth Results - Ethiopia Kaolin Project, page-19

I think IXR is the most relevant potential comparison. They also have ionic clay based REE's and my understanding is they have already proven the leachability of REE's from the clay (what I understand to be separating REE's from the clay affordably). This is the testing ITM are currently doing with Australian Nuclear Science and Technology Organisation (ANSTO) and expecting results in early February.

Looking at drill results from both, ITM's REE grades do seem similar to IXR if anything better grades?? My understanding though is the key will be how easily the REE's can be separated from the clay. IXR market cap is currently nearly 10x what ITM's is circa $250m.

So these ANSTO results could be a game changer leading into lots of drilling. There are also some factors in ITM's favour (just my view):

- ITM also has potential Kaolin/Halloysite value stream
- ITM also has an advanced graphite project, where there is good potential for progress this year
- ITM has full ownership of the project vs i think IXR is 51%
- ITM project is in South Australia near major infrastructure (ports, electricity, water etc) vs IXR being in Uganda (it does sound like infrastructure is there though)

Anyway this is by no means a dig at IXR, I understand this to be a very prospective project especially with that commercial leachability confirmed.

@setfire2thehive has a much better grasp of the geology than me if he has any interest in commenting, but i'm sure he is just waiting to see the results of the ANSTO testing