my understanding is they will need a bulk sample from Lacroma to...

my understanding is they will need a bulk sample from Lacroma to perform stage 2 test work which is amenability for spherical graphite.

The assumption is that given previously it performed like campoona material through campoona flow sheet the rest will as well. As the my are drilling out a massive target they will imho do another sampling program to prove stage 1 (I.e) a 94%+ concentrate can be produced with the graphite from all of the Lacroma ore body. The previously sampling was only from one discrete area.

imho this work will initiate in coming months once they have a selection of holes to grab a sample from variety of depths and areas.

Effectively over the next 6 months we'll potentially have a big resource delineated at Lacroma. we know that Atleast one portion of that resource performs like campoona material did in its flow sheet and 94%+ concentrate achieved.

we will then know if that thesis is true across the whole ore body as per next lot of sampling. As part of that sampling program or rather off the back of that program they will imho pre-empt positive results and initiate the stage 2 stuff.

it should be noted that they do have 10mt or so proven as cspg. so 6 months from now they'll have whatever we find at Lacroma delineated as an MRE to indicated inferred measured at a total size maybe/hopefully (20/30/40mT for argument sake). noting I'm stating what it could be after this drill program. itm believes it could be as big as sugarloaf which was 150-250mT - obviously more drilling programs to get an MRE equal to the exploration target.

In the background, sugarloaf met work expected in around that 6 month period as well as a Hail Mary from left field.

So my expectations is
-pipeline of drill and assay results in 3 weeks time and for next 5/6 months
-stage 1 met work validation across Lacroma ore body sometime later this year (should be confirmation of previous work)
-MRE for Lacroma before end of year
-stage 2 CSPG met work initiated for Lacroma before end of year
-stage 1 met work results for sugarloaf before end of year
-feasibility study initiated by end of year or close to.

They could still start a feasibility study now, but I guess first want to show the resource at Lacroma is there. the cspg component can occur in the background as we already know campoona works. it would just be 5 years of campoona then off to Lacroma. might see if that's where mikes heads at. if we can initiated the FS early.

if for some reason Lacroma doesn't like stage 2 CSPG we still have cspg from campoona for 5Y and then 15/20 years+ of 94%+ concentrate from Lacroma.

Sugarloaf just in the background potentially as a stand-alone flow sheet or as he mentioned maybe a bolt on/addition to the campoona one.

love the prospects here. Going to be a beast next 6 months I feel.

SF2TH