Size of LRS deposit compared to ADN, page-44

I am glad this topic has come up. Here is my take on the sizes and the below image (to scale) is ADN’s great white deposit in comparison to ours.

It’s clear the sheer size of our current deposit area. Just the first set of assays from the north west alone which had very high grades of 37% H-K, is similar in size to the whole of ADN’s great white deposit.

ADN’s current known resource sizes:

Mt hope = 18Mt

Great White = 34.6Mt (26Mt to ADN for 75% WI)

Hammerhead = 51.5Mt (38.6Mt to ADN for 75% WI)

Total = 104Mt

Great white deposit is 1.7km x 1.7km and has an average thickness of 9.4m. So thats 27.2 million cubic meters giving 34.6Mt (million tonnes) of total resource. (75% of this is ADN’s which gives them 26Mt).

LRS’s E77/2622 tenement is 4.5km by 4km or 18km2. We haven’t got all the assays back so lets say just half the tenement has H-K = 9km2. (So far the northwest and southeast quadrants have confirmed H-K, thats nearly half the tenement already. Very likely that the other quadrants will come back with H-K as well so could be a lot more than 9km2 of mineralization). Anyway, 9km2 multiplied by 9.4m (taking the same average thickness of ADN) = 85 million cubic meters giving 108Mt of total resource to LRS.

Just our single tenement in Noombenberry with some conservative numbers has the potential to be 3 times bigger than ADN’s great white deposit and bigger than ALL of ADN’s current measured deposits at Mt Hope, Great White, Hammerhead combined.

LRS 108Mt vs ADN (Great White) 34.6Mt vs ADN (Mt Hope + Great White + Hammerhead) 104Mt.

If we look at more specific numbers in the 1st batch of LRS assays:

• averaged thickness of 13m vs ADN’s 9.4m (great white)
• Average depth to kaolinite zone is 8m below surface vs ADN’s 23.9m (great white)

So even more upside here - more thickness, easier and quicker to mine.

The key would be the resource sub-domains, i.e how much of the mineral resources is:

1. High Bright kaolin
2. Halloysite
3. Ultra Bright high-purity kaolin

ADN’s great white deposit total resource is made up of: 17.4Mt High Bright kaolin + 15.9Mt Halloysite + 1.2Mt ultra bright high-purity kaolin. We don’t know what the breakdown will be in our deposit, but the fact that we have an area nearly 6 times larger than great white means more chance of having sections with high halloysite and high reflectance concentrations. These concentrations should hopefully be targeted for in-filling drilling (ADN did 50m in-fills).

Remember we also have more confirmed H-K 7km and 15km away in our other tenements. Who knows the size potential there...

Just a lot of assumed numbers. Time will tell once the JORC is done. But I am hoping for >100Mt