Ann: L-Max Pilot Plant Development Commenced, page-15

It's a pilot plant to demonstrate that P1 will work. P1 will be fed from Alvarroes in Portugal, so it makes sense to use that for feed as well.

The second deposit is very interesting. That wouldn't be Mt Cattlin, Youanmi or Separation Rapids, as Mt Cattlin and Separation Rapids already have had amenability testwork, and Youanmi isn't covered by confidentiality. LPD is drilling and earning in there, so of course they're going to announce testwork results.

Very curious that another deposit is being fed into the plant. Alvarroes and Mt Cattlin were the most logical choices, as they seemed the most likely to feed P1. The team must be feeling very confident in this new deposit working out to run it through the pilot plant.

I mean, the pilot plant is there to demonstrate to potential investors, and you don't want to take risks with that, as I said above.

So they must be confident to be putting it through the the pilot plant.

And then, the more I think about it, I wonder why they would want to?

Is this a viable feed source for P1? It was said to be underpinning a scoping study for P2, nothing was mentioned about P1.

Is there possibly another strategic investor who wants to see their feed source go through the pilot plant before they put money down?

Very curious.

Cheers