ITM is completely different to RNU, because Renascor have a >...

ITM is completely different to RNU, because Renascor have a > $100m subsidy from SA Gov upon a successful PEPR, which has been submitted, responses for things that need amending (usually takes a few rounds to get approved), and currently waiting to hear back from SA gov about approval of the PEPR. That, in itself, is a massive difference between ITM and RNU, as it has already massively de-risked the business. Now in a time of higher interest rates, and the SA Gov already having made that agreement with RNU before ITM has even existed as a company, is the SA Gov going to be handing out another whopping big subsidy? Will ITM be able to get appropriate finances in place? I certainly hope so! But I don't think we can be so speculative as to compare to Renascor. Stuff in the ground could be exactly the same, but they began in different times of an economic cycle; that is enough to make or break these ventures. Albeit not enough to detract me. I'm confident enough, just not confident enough to make that comparison due to the financing.