Ann: Final Drill Results from Caralue Bluff Prospect, page-4

Some more solid results and the tenement still fairly underdrilled so the other areas are also unknown and potential for expansion. Only 1/4 tenements as well the others have some decent results in areas as well.

Met work only a short while away and will test the leachability and ionic materially spatially across the tenements.

ITM only 1/4 project proven to have ionic material. IXR, ABX and AR3. IXR is obviously the most advanced and developed and quite economical as proven in the SS.

ABX results are extremely thin and deep. They're suggesting in-situ leaching as an option (highly unlikely to ever get approved it's why the chinese/myanmar ionic got shut down.
AR3 is at surface but so thin meaning is spatially a nightmare and will struggle to delineate a resource large enough if infact the strip is good enough to make in mineable. Secondly lots of calcium in host rock meaning the acid dosing is quite aggressive and therefore expensive. Area is very environmentally delicate will be hard to get approvals.

ITM seems to me to be the most prospective of the remaining 2 and compared to the other 20 whom are generally finding worse results but are deliberately avoiding salt leaching IMHO.

ITM also aren't 100% locked on economic viability of the REO alone at they begin to indicate potential for Kaolin-REO as by products.

Above that ITM continues to progress it's graphite project which already have mining and processing licence - major de-risk. SS to be updated towards end of the year. Was a 100M NPV then - now to be updated with spherical graphite production as per the updated met results via ANZAPLAN.

All within very close proximity to each other.

Looks quite good, i'll probably start the second accumulation at levels below this. 30m EV is very solid for prospective of their 2 streams and management been quite professional through-out.

SF2TH