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In fact we seem to have been through that massive , inflationary/ quantitative easing speculative bubble, but now ITX is clearly well oversold and underdone in the other direction given recent performance and growth fundamentals.

Spot on Smart.

Hi kpatel, looks like the business is already running at annualised ♡$10m sales level NOW given 4.8m in H1. Clearly growth is high now based on new premium profit strategy. Not may chems companies can boast this growth, now its coming and getting delivered so eventually the SP will catchup.

Hi AJP, Unless this is a very large scale up plant, I doubt they will need anywhere near £50m in capital. As I understand much of the plant and QC equipment is relatively basic. Also, there is the possibility of non equity financing like asset back loans (ABLs) that use the real estate and tangible assets as collateral to advance debt. This would likely be the best outcome for shareholders during 26/27.

Hi Smart/AJP re: 18/24 months out comment from John today, I can see this possibly as a minority investment financing and partnership agreement with said large company. It will be loose change for them. Not sure its a massive outlay for all the plant tangible assets but win win for both parties if this is a large application area like paints or adhesives etc. Exciting announcement and also the tableting partnership going well.

Wow...nothing else to add to that.

Ah - wine glass half empty again Monte my friend - look on the bright side; someone just invested £27k in ITX stock it looks like (that's 1,000,000 shares in old pre-decimal / pre-consolidation currency). Don't think it was a sell.....FYI we are now moving at pace off the trough 3 months ago - SP is +46% up from the SP low of 93p. Tell the 'bin lids' and their small ankle biters it wont be too much longer before you can buy them all a fillet steak and double fat cooked chips for everyone down the local beefeater - we all know deep down that ITX is still heavily undervalued after taking those head on growth bumps in the road and out of the blue MAGA crazy market times that are dying away thankfully. China deal soonish. Nite nite x

Was that a 27kGBP trade after hours? Unusually large one at 136p. Is that John or Laura buying more LOL?

I tend to agree with Smart on price trajectory in the next 6 -8 months since the original professional investor case of 255p is now being solidly delivered and executed under the new higher profit strategy so the SP should align and revert to that outcome when folks wake up to the performance delivery. That's a pretty exceptional shareholder return even if it takes 12 months (pessimistic case) to get there rather than 6 months (optimistic case).

Hi Arkham - there is a target date for breakeven - its 2026. The H1 revenue achievement is in fact 'massively stellar and glittering' to be absolutely honest and we even had a callout on the Halifax investor platform in that regard. Once S/T traders take there bit of profit on the H1 announcement maybe then we get back to accretion trajectory that recognises the intrinsic growth potential from here for rest of 2025. Not sure why a few investors are spreading concern - maybe to buy back in lower once they have sold out or partially divested? I have seen these pivots before and not fooled by them. I wouldnt be surprised Arkam if you have two handles as you came in very recently and just created an account which I find strange for a so called LTH.

Addressing your timing of exit scenario question separately:

1. Can happen at any time now that ITX have shown good market traction so difficult to predict

2. New ITX strategic business model is working commercially (2024/25) and hence more attractive as a bolt on growth accelerant for other larger spec. Chem companies with 3-5%pa growth portfolio.

3. External fossil fuel sustainability drivers are still a major emphasis for 'dirty' chems companies so very much on their agenda to show progress and evolution to chems 2.0 futures.

4. The above means we can't predict exact timing, much is external driven, but 2025 is our pivot year towards profitability in 2026. There are plenty of examples though of loss -making companies getting good exits so 25/26/27 are all in play.

Hi Waca,

1. Although John has stated he does not want to sell the company, he has an overriding fiduciary duty to maximise shareholder value of the company for all shareholders and that includes evaluation of all future lucrative market offers from third parties.

2. There could be accelerating product develpmental/ enhancement, revenue and cost/scale/investment synergies for our technology and company platform that are outside ITX reach, capabilities and present resources.

3. The total historical invested capital in ITX, is probably around £80m?? Its a useful marker but not the only one to consider and is guidance only.

4. Broker has given guidance 325p but appears to me under a any offer deal, asset scarcity comes into play possibly with a few external parties or reactive entrants. That may bring in a very high bid premium.

5. Driving this likely that there could be some large companies that wish to block loss of existing franchise market share and external suply factors like this could be considered in unique situations. This may mean a price could be paid that partially recognises this situation, and still be value enhancing and sensible for both sets of shareholders.

6. The professional investors at 255p would probably want AT LEAST a 25% return per year given all the risks they have had to hold since investment toward any deal being announced.

7. I'm not casting out numbers here but you can see how I'm thinking about ITX's exit pricing dynamics and wxternal and investor factors that may come into consideration.

ATB

I think our persistent seller has now either sold up or is deceased, RIP - since otherwise would have sold more into the swell tide of buys in recent days. Now clouds clearing we can move ahead of SP base camp and build momentum upwards from new investors with investment horizons aligned on 26/27 that realise the growth outlook, near term profit breakeven transition and lucrative exit opportunities or alliances ahead...

The finer P&L detail will follow soon after any nuances to the accounting have been signed off by the auditors. For now, as Smart mentions, all looking really good and aligned to business plan high growth trajectory advised Mgt. and this ties perfectly to historical / current Broker report expectations and commentary. IMO its only a matter of time now (given 1. ITX new profit pathway strategic model and 2. delivery of good mkt traction) before increasing ITX Revenues and Gross Profit scaling covers the entire ITX overhead fixed cost of running the business. We understand they don't need another plant until production volumes are material higher - they can run 2-3 shifts per day 24/7 and make further manufacturing streamlining efficiencies in current facility. So, overall, ITX looking in pretty good shape from an investor perspective with the BS cash balance.

Please post under a new header we can all efficiently use for a mgt call question list ..."QUESTIONS FOR ITX"

proactive has published a new media item on itaconix plc. please click on the below title to see the full release:

https://*********************/media/itaconix-ecora-resources-caledonia-mining-sovereign-metals-chesnara-small-cap-snapshot

itaconix plc - proactive says itaconix, ecora resources, caledonia mining, sovereign metals, chesnara - small cap snapshot

thanks

the research tree team

Absolutely AJP! My pleasure.

By the way, ITX just popped up on Halifax Investment News web site- so we are getting good mainstream investor visibility - very quickly to a wider investor audience (at last):

https://www.investments.halifax.co.uk/research-centre/news-centre/article/?id=20386102&type=bsm

Incredible - good news - and hopefully off we go back to original professional investor round @255p levels (5.1p in old money).

It appears ITX once again looks like a great high-growth investment stock for the rest of 2025 & into 2026 - increasing market share and rev. growth will fuel the bottom line by simple scaling effects at current GP margins. Onwards and upwards from here.

Hi Smart, Please can you obtain the new Broker note and provide granular details? So the ITX plant is already running supply side at close to $10m annual production and sales which is a fantastic achievement over 2024! Some amazing year on year growth stats in here for geographies and ingredient lines. Very comfortable cash balance also. We'll done ITX team - long term focus and persistence pays in the end.

We should all take notice that much of the "selling" and "BD" is actually catalysed downstream of ITX. We can see this in the new Croda announcement, the ChemyUnion product messaging and the recent promos on the EU from a specialist chem distribution agent. We are doing our bit re: SPARX and Bio*. Very keen to have the H1 performance update since this could again reignite new shareholder interest in coming weeks/months and Monte's SP uplift wishes may come true.