Ann: Drilling Extends and Confirms High Grade Rutile at Bua, page-4

The significance of ilmenite and zircon to value add is right on par with Iluka. The resource drilling to continue at Bua will in my view be quick - as long as it is (another 40km remaining) it is not so wide therefore a simple path forward to confirm 50km length deposit with widths ranging from 300m to 800m.

The SP is not reflective of any rutile discovered thus far. We have a quality saprolite hosted graphite resource - the envy of any graphite hopefuls at a time when graphite demand is going to see rapid growth. Previously this graphite was valued in the 10c - 15c range but more recently let's say it settled at 10c as mou's are sort for off take agreements and SIA etc continue.
That would imply the rutile has added 3c to the companies value. A pimple of the true value all this rutile, ilmenite and zircons worth.

Anyway it's neither here or there for now. Continue with resource definition and a JORC towards latter part of year wow - this could be anyone's guess by this time as more investors come on board - particularly the insto's.