Yeah, if you believe the activity statement, in that they are observing thicker mineralisation for the 1.1km to the south, you have to think they have a significant resource there - which it sounds like they are looking to formalise by mid year, with scope for growth at other nearby prospects.
Sure graphite markets are pretty dire right now, but it doesn't look like the energy transition is going away (significant future demand), nor is the use of graphite in battery anodes for a long time yet. Also it looks like chinese export restrictions are actually real, so have to think that demand from ex China will eventualise at some stage.
A material project, favourable mets, sounds like favourable to mine in a quality mining jurisdiction and an EV of approx $5m, seems crazy! Management have been pretty straight and transparent to date so will be interesting to see these drill results and resource calc.
ITM Price at posting:
8.5¢ Sentiment: Buy Disclosure: Held
