Ann: Springdale-Collie Integrated Scoping Study, page-8

Sandy, thanks for the constructive contribution.

I've attempted to match play International Graphite's Springdale / Collie project with Renascor Siviour project. Sorry, folks, not a great like-for-like but some of the metrics seem okay. A stand-out assumption by me is that Renascor intends to only produce uncoated spherical purified graphite (USPG) while IG intends to go the whole hog and produce coated spherical purified graphite (CSPG). Side note: the reference to match play is to do with the USPGA ... which of course is not a match play event.

The stand out point of comparison for me is that IG has a market cap of about $12m and Renascor has a mc of about $206m which is about 17 times more than that of IG.

First off I have to acknowledge that the figures I've used for IG are from a scoping study whereas as far as I know the numbers for Siviour come from a much more accurate definitive feasibility study.

From the table I've stuck under here, some things look out of whack, such is according to this week's announcement IG converts only 44% of concentrate into uncoated spheres (USPG) while Renascor says it can convert 67% of its concentrate into USPG. Also Renascor's NPV for its USPG facility at $1.5b seems way out compared to its after tax IRR of 26% and to IG's corresponding NPV number of $375m.

Anyway, it is pretty rough work but its a start for me. I might try to finesse and correct the table over time. Any suggested improvements gratefully accepted. Take-away for me though is that if Renascor has earned a market cap of $206m then IG with a market cap of $12m has loads of potential.