With the exploration target at Sugarloaf there's almost no need....

With the exploration target at Sugarloaf there's almost no need.

Campoona met work and size proven to an extent that the economics can be proven favourable for a small stage 1 operation. I think with the graphite demand current and coming that sugarloaf is back on the table as economic irrespective of whether the material is amenable for anode inputs.

If sugarloaf met work proves favourable they've got a global significant resource in an excellent location with a processing and mining licence already approved. (albeit for a smaller plant but that's a massive de-risk).

1-2 years time no reason why sugarloaf couldn't equal or exceed RNU.
RNU is 450M
ITM 41M.

Then consider ITM's ionic clay project 500mT.
162M MC for 51% ownership = 364M for the project in uganda.

ITM possibly up to 20omT and = 41M

Possible 10 times upside in comparison to some peers but 1-2years behind in terms of development.

ITM is an excellent RvR play in my honest opinion.

SF2TH