Ann: Mining Lease Lodged for the Lake Hope HPA Project WA, page-70

It's disturbing watching the SP evaporate.
HPA is a small niche market with a few big players producing at high cost. A few companies have unsuccessfully tried to enter by processing kaolin clays. A4N has managed to enter but is a standalone anomaly. IPT is claiming to have a unique deposit which will allow them to enter into the market.
At this point IPT doesn't have much independent verification of its claims and the easy way to think about it is it's too good to be true. How come IPT says it controls a $1.3 billion asset and trades for less than $40 million?

What the doubters need to explain to the believers is why is IPT doing all of the preparation that goes with the story being true?

Starting with the scoping study which puts some indicative numbers on the project. Now the PFS which costs a couple of million to put together (verification of the process, hard numbers of production costs, set up costs, etc.). The recent application for the mining licence, the negotiations with the traditional owners and so forth. The nomination of the location for the process plant.
Quite a lot of activity for something which is never going to happen.
Then there is the recent hiring of a professional to shepherd the mining approval through the regulatory process, the search for the suitable marketing manager.
For something which is not viable that's a lot of effort.
HPA is a small market but lucrative with high barriers to entry. If IPT is the real deal then those who believe the story have nothing to worry about.
It's on the naysayers to explain why IPT is going to so much effort.