Ann: Letter to Shareholders, page-41

The market is yet to accept that Lake Hope is the real deal, eventhough we have an MRE which shows its got a resource worth billions.
The market needs more proof, that it has a potential Critical Mineral HPA mine with a life of several decades.
Once that happens IMO IPT will be in for a major re-rate.
A Scoping Study will be released shortly and IMO will go a long way to giving positive credentials to the project.
The next major milestone which will provide security in the minds of investors, will be the metallurgical tests and end samples to end users.
IMO once these completed and are taken into account we should have a market cap of $300-500 million.
As a comparison LRS which is a Lithium explorer and just released a revised MRE has a market cap of $1 billion and also A4N which is about to become HPA producer has a market cap of $1 billion.
Once offtake agreements, DFS and financing offtakes are reached, then IPT IMO should have a market cap of around $1 billion, when compared to other miners which are in a similar position.