If that was their only project, i might agree. But it's not....

If that was their only project, i might agree. But it's not.

That's testwork work only relates to the sugarloaf deposit. So to get an answer on that market will need to await anzaplans testwork and see what comes back. 7/8 years tech has come a fair way. I'm not banking on it being a success - but opportunity would be massive if they solve it. If they solve it first time around - would be very very good.

If sugarloaf is not amenable for anode material - they either continue trying to crack it with met work, or accept the product is more suited to other industries.

Anyways, you can remove sugarloaf from the project all together and then assess ITM on what is left.

1) Campoona material is amenable for CSPG.


2) the Lacroma deposit was able to be worked through the same process flow sheet as Campoona, and so material bears more similarity to campoona.

Therefore Lacroma is another opportunity to grow the resources ITM has which are amenable for anode material.


Lacroma is potentially a large resource in itself.



Any they have other targets for long term development if required. Francis for e.g. had a drill result on 15m's @~21% TGC from 14m-29m. My view is they can look to other areas in the future - but if lacroma turns out to be sizeable that will be one project. Lacroma + Campoona.

Sugarloaf if it does come back as a amenable or not will almost certainly need a different processing circuit and so would be a standalone operation if ever.



SF2TH