finally some good vol action, page-4

$10M Market Cap, $5M in cash.
Tight and well run. Top 20 over 60%.
Two new significant asian investors jump on board in May.
Leases in very good location, with strong chance of success.
Manganese sector currently in favour.
SPI's latest applications for ground have been contested by the likes of Murchison Metals, FMG, Nicholas Downs (Hancock), Jupiter & Mesa Minerals (MIN T/O Target).
Down strike from Woodie Woodie (Ex CSM, $1.5B sale).
Very recent management restructure, preempting the "development" of their assets. Performance options also issued to new CEO.
Throw in that it has been fairly sleepy & staying off the radar, it ticks most boxes for me.

One box left to tick is major exploration success and with drilling currently underway, and new high grade targets to be tested, a good result here should hopefully transform this one.

Also looks cheap compared to peers IMO.

Other stocking fillers include a JORC coal resource in Tassie and some potentially interesting leases in the NT.