Ann: Investor Presentation - Moora and Koojan JV Projects Update, page-70

Well, who said you couldn't make a silk purse out of a sow's ear?

The marketing is great in this presentation, its very honest. "Shareholders, this is what we've got, this is what we're doing, if you like it vote for it if not don't".

Slide 8 - the Yule & Bindi-Bindi trends have gone, the Julimar trend dominates, running up from CHN to CPN and into LSA. So merging with LSA is a very good thing and adds great value to the IPO. LTR probably needs LSA more than LSA needs LTR.

Slide 9 - Mt Yule is nice, and its big, but how much drilling is needed to make it all hang together? A lot, you could put plenty of deep RC into this and find not much but disconnected stringers so its risky, but don't we love high risk = high return? Its very bitty at the moment, but drilling is sparse and its big at 7km x 2.5km. Kalgoorlie super pit is 2.5km x 1km, Telfer 2.4km x 1km, and drill coverage at Mt Yule is sparse.You're not going to find a super pit here but it helps illustrate its bigness.

Slide 12 - what could have been if MRRC004 on 423450mE had been drilled in its correct collar position further south. It'd have hit the conductor instead of hitting dolerite. A few months ago this was a priority RC redrill, and the rig geo was probably educated by the pineapple principle. I'd expect results from this redrill very soon. The copper is supergene enrichment (in green) coming from an as yet unidentified primary bedrock source that dodges the deeper drilling on the 424050mE section - so there's a prize there.

Slide 13 - Koojan JV targets are big Julimar-scale pearlers, and demonstrate why LTR need LSA in this IPO.

Slide 15 - very honest, no BS. It's a junior explorer and its high risk but at a great location. Buyer beware!!! But its got promise & potential a few players in the region are lacking, and IMHO one of those M/C = $75m.If CPN put out 1/2 decent results to the south this IPO will be one hot potato.

Its a great move by LTR management. I love the pants off it, go for it there's nothing to lose.

What say ye, Bunn-Wackett, have I covered all the points?