ITM Megathread, page-254

Mucked around with the drill results to pull together a theoretical basket. Note there is quite a lot of favourable assumptions that have been used to derive this.

I grabbed the drill results and filtered out everything below 200ppm. *Note this may not be theoretically practical as it pretty much means you can selectively mine which isn't really the case.

Done an average across the elements. *Note this again assumes a mass balance of grades simply across intervals. Not again truly representative.

Results themselves are on a sieved -45um component. There's some mass recovery info there but doesn't really tell you what the other stuff was. Could be better or worse - but irrespectively informed some unbenificiated met results will follow.

Assumed the same recoveries makuutu got with their PH1. Noting currently only have a PH4 leach result and it did not show the recovery across each element which is required. But 10-21% average for Ph4 compares ok to some of the initial IXR PH3.5 work. Noting the difference between their best and worse and that leach was quite high and then a fairly substantive improvement on each (including the non-ionic one) when dosing with acid.

So ITM i'ev drawn in the blue lines across the initial IXR results. Unknown where they land - but noting they apparently will be doing testing laterally and across depth. Essentially testing to understand if there's a ionic/colloidal bonded part within the clay horizon i assume.





Anyways, agree with some other posters that still more work to be done and note quite as favourable as others but still fairly early stages in the exploration aspect. I do think there are some area's not testing which may still come back more favourable. The potassium and thorium levels were good things to review when targeting ionic clay area's. Seem to be a decent correlation between the 2.

Irrespectively, i like most other things about the tenements. The thickness and depth to which they're at probably make the lower grade align similarly to IXR from a mined/t to produced concentrate tonne. That is to say the favourable strips on these tenements may mean they can give up some TREO in comparison to others. Really, it comes down to the leach and how it beneficiates/recovers across the element suite. Noting my previous comments that ionic component can sometimes be relatively low but is best indication of weak bonds and therefore the acid dose generally proves favourable. So PH1 (or there abouts) will be similar.

having reviewed quite a few in the space - appears the one with the most favourable things in it's favour and equally the only one i've seen actually perform leach testing at PH4 and get something to recover. Noting that the leach itself was on a composite sample of varying areas so might have been more or less favourable than what represented.

There's 4 tenements and quite a large area to work across, and if they can find some improved results from the drilling program i think it starts to look close. The met work could kill it or make it favourable depending on where it lands in that sliding scale. But comparable to others who are fishing 5-10m hits @ 1000ppm 30-40m deep i think they're dead without even knowing if it's ionic or not.

At surface and relatively thick is pretty key.
Grade is ok - would like to see the results reported top to bottom and not beneficiated.
Ionic component was confirmed at least more than 1 area.

All things considered was enough to get me to take a starter punt. I think i got the best feedback/responses from the team when i spoke with michael some 6 months ago and he recalled the conversation. I feel that even if these tenements don't work out i'd be happier with my money parked here that the others who i think are doing borderline misleading met work and attempting to pass it off as economically viable.

Aside from that the graphite (albeit a perhaps flash in the pan sector) is actually not the worst project. The location and expansion potential on those tenements seems quite favourable. Found it equally interesting that anzaplan done the spherical graphite work which was the same vendor RNU went through. Now that in itself really means nothing aside from the fact that it would render some credibility in the work and equally the company already having a somewhat decent understanding of the underlying geology in the area.

There also maybe something in the kaolin/REO as a by-product operations but many things to go under the bridge.

Anyways, that's a bit of a brain dump and am re-iterating by saying only a starter position here (which occurred about 2 weeks ago.) Taken on the basis of some hopefully further favourable results from the drilling program and the metallurgical work. I will re-consider my position here post that info coming through but relatively content with rolling the dice on the potential for an actual ionic clay in Aus which isn't 1m thick and needing nitric acid to leach it.

Oh i also didn't think the chart looked too bad, but don't really use them for anything other than trying to enter/accumulate and exit/distribute. I don't really trade and when i have tried not really that good.



Would look favourable back above 50c and then 55c. With such low liquidity the spread and trading can be pretty wild in term of swings.

Weekly has been making higher lows last month so above 44.5c for the week would throw another.
best of luck to those here hopefully can contribute meaningfully as things progress.

Status is none (which it will be 99% of the time.) I only change it to buy or sell if i have done so on the day.

SF2TH