Think the presentation was excellent. Was their first one in...

Think the presentation was excellent. Was their first one in quite sometime and for me is a great attempt to collate the current status of all their projects, their focus and the upcoming work and news flow.

Graphite bull 4mT @16.2% TGC
-EM survey in Dec
-Extension drilling Q1 2023
-Upgrade resouce Q2 2023
-Met-work on-going targeting PSD feedstock results due Q1/Q2
-Ming studies H2 2023

Copper wolf
-108mT a 0.8% Cu or 0.94% Cu Eq (JORC). Non-Jorc estimate 388mT 0.83% Cu
-Source porphyries yet to be intersected
-IGO spends 5M over next 3years to take 70% Ownership
-diamond drilling Q1 2023

Narryer
-IGO spend 3M over next 3 years
-EM due Dec 2022
-Drilling target Q1 2023

West Kimberley and Fraser range - 20% and 10% Bux ownership and free-carried with IGO funding exploration.

100% owned tenements going through some drill target definition
Shogun
Royale
Lateron

Centurion
-100% bux with TKM earning in 75%
-Located north west of the WA1 Nb-REE discovery
-TKM sinking diamond drilling in 2023 to test a target

Lots to like in the shorter and longer term.
Importantly capital structure is very tight with low expenditure expected with most items being funded by others.

Very good value for 11.5m EV.
IGO major holders already at ~19% so they've got skin in the game now. Any major discovery BUX can get a large re-rate and yet costs them nothing.

Favourable results on the graphite project or copper wolf are the bigger short term re-rate opportunities.

SF2TH