as a thought exercise you could take our closest neighbour RNU...

as a thought exercise you could take our closest neighbour RNU which has a current mkt cap of $532m and a graphite resource of 4.7Mt at siviour. that's about $113/t.

campoona has a graphite resource of 0.77Mt at the moment, so it could potentially be worth $87m on a comparable basis (assuming they can progress campoona to the same stage as RNU has done with siviour offtakes and feasibility studies etc). of course ITM is a long way behind RNU in developing its assets, still drilling out all its graphite targets and hasn't fully realised what its total graphite resource could be.

so yeah bit too early and too many variables but good to think about