It should be noted that there is still extensive funds available...

It should be noted that there is still extensive funds available for IGO's earn ins - so the capital burn personally from BUX is actually quite minimal and they can still have exploration occur across alot of their projects.

The one that is still sitting as 100% owned and looking ready for further development in the form of drilling and increasing the MRE is graphite bull.

From a corporate strategy perspective you've got IGO as a 19-20% shareholder. In previous raises IGO executed funding to keep itself at that level. If i was reading between the lines, it would be great to get another corporate/insto/fund/company to look to raise some money with BUX for the purposes of drilling graphite bull.

The interesting part i suppose is what's % is the market applying to each of our projects. What i mean by this is, a raise to progress graphite bull (presumably away from IGO as they don't seem interested in graphite hence it's not been in any earn in arrangement) will have a dilution effect to their stake in BUX.

In short, it would decrease their holding in all the projects they are interested in. Copper Wolf, Merlin/DogLeg, Frasier range. Noting that 2 of the 3 projects IGO called out in the exploration section of the investor preso were BUX projects.

It would stand to reason that a small raise to fund graphite bull exploration, (whilst having a minor dilution effect), may also then result in IGO purchasing more BUX shares on market to take themselves back to 19.9% ownership. This is slightly different to the SPP whereby IGO executed it's option and bought 30k worth more of BUX shares to remain at 19.9% ownership.

I guess this is a healthy way for BUX to look to continue to fund itself as a company via graphite bull, without have to sell off further stakes in the projects it has with IGO. If IGO was to indicate that raising via another party to explore graphite bull was not favourable to them as it dilutes their stake in BUX and therefore decreases the stake in 2 of their 3 best exploration projects then it's a case of well we're happy to discuss financing arrangements with yourselves but we'd like to retain ownership in the projects.

BUX and IGO clearly have a very good mutual relationship IMO, so i think if BUX were to raise some funds for the purposes of advancing graphite bull then the dilution impact to IGO is minimal - they may do what they did and participate (but less likely if funds are being used only for graphite bull) or they may opt not to participate but instead keep their 19.9% stake by purchasing on market.

I think the overarching story in the background, is at what point or when, IGO considers the option to either buy out BUX entirely, or consider a carve out. i.e. BUX splits based on projects IGO wants and there's a cash consideration for that.

Either way, i really like the position BUX is in, i will support the CR as i have with the previous ones. Been a very good ROI since I've entered and i think in a good position. Still plenty on cash given not much drilling at our expense occurring - once/if that raise for graphite bull occurs will really set the team up for next 12months plus. Proving up the graphite project which is proven battery amenable into a hopefully improving graphite price - meanwhile IGO executes it's earn in options on the other exploration portfolio - whilst also considering just buying BUX out before the graphite project exploration potentially sends BUX S/P up. Any increase of the BUX S/P due to graphite bull - increases the buy-out price of IGO.

Just my musings. Very happy with the company strategy. Important to know this before you invest. Otherwise you end up a salty holder (or a pretend one) complaining about a company strategy that never existed.

SF2TH