"This is an interesting prospect and I have run the ruler over...

"This is an interesting prospect and I have run the ruler over it quickly."

When I ran a quick ruler over LML I came to the same conclusion.
As I started to dig deeper I realised how much work had already been done, and the huge resource upgrade that is very likely.
LML has recently done a new land based EM Survey which has far better resolution than the airborne EM Survey done many years ago. Due to the highly conductive nature of graphite the potential resource sticks out like the canine figure of speech. Eyre Peninsular has been called the Saudi Arabia of Graphite and quite frankly there is absolutely stupid amounts of it. Most of it remains hidden under cover un-drilled.. Known by geologists for decades, but never defined, because there was not a huge market for it and China dominated.
Now governments want independent supplies of critical minerals from outside China.

The planned drilling campaign covers a very large area. Its going to be successful, because in many places the graphite is sticking out of the ground, and the EM signature is very distinctive.
So while RNU's Siviour looks big, and it is, the graphite on Eyre Peninsular is very wide spread and a lot more is still to be "discovered" even though they pretty much know it is already there.

So while I think a current $30M market cap is a very fair assessment there are a number of factors that could lead to a substantial re-rating.
The most obvious is the imminent release of an updated mine feasibility study.
A drilling program to start in the near term, followed by positive results and an inferred mineral resource of the Kookaburra Gully Extended.
I suspect a time table to mine production will be announced too.

Then add a predicted increased shortage of graphite, media hype and speculation that goes with it, and increased graphite prices.

In 12-24 months from now, anybody that can say that they have an approved graphite mine could be re-rated substantially.

I think LML provides an excellent low cost entry into the graphite market with minimal downside risk if you buy LMLND. Given the flow of information that is likely to come out and the hotting up of the graphite market, I can only see this going up in the longer term..

Bring on the updated feasibility study.