This is actually fairly substantive news. It looks like they're...

This is actually fairly substantive news.

It looks like they're now on track to release an upgraded study for the project towards the end of this year with updated capex and opex for SPG production. Both the met work and the SS completed in conjunction wiht anzaplan which is extremely reputable.

Moreover, intention in the longer term to expand the resource size via lacroma and underpin a longer LoM.

The reason the work is happening quite timely is much of it is building/refining/optimising the work done by the previous vendors and as such a lot of the work has already been done.

Should the study deliver favourable results we're then shortly talking offtakes and finance. Again re-iterating that the licence aspects is already done which takes a massive chunk of risk and time out of the pathway to production.

All of this in a quite favourable production jurisdiction located close to RNU. That will give ITM a lot of credibility/nearology as those look for projects earlier in the development phase.

Again, this all is only on the graphite - the dual prong approach is also advancing the REO project which was the basis on my investment which are equally looking quite promising. Very undervalue on potential IMV but still more work to be done. 2 potential company makers with most of the right aspect/elements to make them viable production project.

SF2TH