Ann: Sugarloaf Graphite Exploration Target, Eyre Peninsula, page-49

Am very familiar with RNU and hope you have every success. Reality is they are at different stages. RNU is 20x the market cap, clearly has a good resource and well set. ITM tenements most likely have more graphite on them than RNU, but it’s whether they’re compatible for battery anode. I suspect they will find it but as you allude maybe not at sugarloaf - mind you if you look at developments at Talga and graphite/silicon hybrid models I wouldn’t rule it out. The leverage if they do (as RNU) has shown is massive. Anyway I wish you every success with RNU, but the more the merrier in this field, the demand growth is massive. Two big projects in SA would be awesome for the state and also give more credibility to the region, more confidence from the buyers and downstream opportunities.