Ann: IGO Farm-In JV/Placement Bridgetown Greenbushes Exploration, page-8

Yes- the problem, and its a nice one to have, is that this company has so many projects that some serious value could be forgotten about or swept under the carpet in a potential takeover scenario.

In saying that VMC would probably have the potential to spin these other projects (provided market doesn't tank) so I might be worrying about nothing here. I think IGO stake not that large about 5%.

Anyway I think we both agree this is an excellent exploration company and this deal really just illustrates the embarrassment of riches on offer here.

Current assets include regional footholds in future facing tech metals including vanadium, (close to Windimurra- and a significant JORC here in its own right). Then the regional theme of rear earths right next to HAS and more recently DRE.- check out DRE - this is looking excellent and this region is set to become a rear earths hub one would imagine.

30% in J.V with ROX - 3 million ounces- good grades- some of deeper stuff refractory mind you but grade is good and shallow. I'm not sure this is the right term but- free milling component large enough to mine and quite profitable anyway. Plus VMC has good terms as part of J.V in terms of expenditure with RXL.

Then you have exploration for Ni Cu PGEs along strike from Chalice at THOR. Chalice currently drilling. Then there is all the exploration ground in and around Spectrums deposit. (the reason I bought this).

Its an embarrassment of nearology riches before you even get to the Greenbushes tenements. Some people don't believe in nearology but when you have this much of it plus a viable project...... I mean when you begin to stack the odds so firmly in your favour and all around us is super relevant and going up now.......

Some people might ask why management didn't raise some money and drill Greenbushes themselves?? Well maybe a year ago they should have. But right now not a good strategy - drill rigs are charging a fortune and if you miss with the drill you can ruin your capitalization. IGO will be able to time and maximize the exploration spend plus no doubt synergize with drilling at Greenbushes. Plus know what they are looking for.

Excellent deal under the circumstances and I'm in for a few more.