GXY Relationship, page-83

I am very UNCONCERNED about LIT and Lmax just acknowledge there is a remote risk.

The time value of the option is rapidly approaching zero and no chance of ever reaching the exercise price - well out of the money option pure and simple. FML (Lepidolite Hill tailings) is being sold so I think that JV is about to end (no feed stock) and LIT did no drilling in 5 years. The PLS JV has expired and I think most of its potential feedstocks have never been drilled or when drilled they stopped because of rain. Lots of talk not much progress in 5 years only colour and motion.

In WA the tailings of mica that provide an economically viable level of feedstock are owned by the big players who are focused elsewhere and can wait until the Sudbury Pilot has been operating for a while to consider if they want to move to unlock the value in their tailings. Until then like GXY they all have a strong interest in letting LPD get on with it.

The LIT business model is to get exploration acreage, develop the hint of minerals present then monetise either though sale or IPO (sell the dream).when they could have sold it to LPD and extracted some value from it.

LIT did some drilling very limited in WA and Mexico and Germany - tell me the measured resources that have come from it - zilch.