I hold both but agree, a lot of re-rate opportunity here when...

I hold both but agree, a lot of re-rate opportunity here when the drills intercept. I say when but it is more an IF. That said, the EM surveying that bux had done gave them a high level of confidence which is now de-risked by hitting visual graphite.

They already know they is graphite at sugarloaf so it will more be if/when we intercept some results which change the optic on sugarloaf in terms of validating some of it's size.

I do however feel that until the met-work is confirmed/improved at sugarloaf the drill intercepts will have a small impact but not huge. They have already underpinned a resource estimate there. So the market should already be aware and expect tonnage.

Lacroma however is not such a sure bet. That is why if/when they hit graphite results there. Then there is a major re-rate opportunity.

ITM looking very cheap, considering it not only highly likely they hit results at sugarloaf but equally at lacroma. Surveying equally identifies these to be both sizeable deposits.

In short;
Sugarloaf will re-rate based off successful met work, and to a lesser extent the drills (already known)
Lacroma will re-rate based off the successful drill intercepts and to a lesser extent the met work (already known).

Beyond that it's really about market awareness. Not many people in the graphite space were paying attention to BUX until recently, ITM will be the same. Some nice results and a nice green day puts you onto a lot of radars.

If ITM drops any lower i'll probably accumulate some more.

SF2TH