Ann: Investor Presentation - DFS and Downstream Scoping Study, page-185

If we do a simple comparison between LTR's and CXO's DFS.

CXO released their DFS on the 26/07/2021. Their market cap was $276 million. Their NPV8 of the project was $A384m. They used a spodumene price of US$850/t (mind you, this was also derived from Roskill's April 2021 forecast). CXO was trading at 72% of their NPV. CXO later released some off-take agreements and their market cap is now in excess of A$1Billion.

If we were to scale up their NPV using the spodumene price which LTR adopted at US$1289/t, their NPV becomes roughly $A582m.

LTR's NPV using US$1289/t is A$4.2 Billion. Current market cap of around US$3 Billion. Trading at 3/4.2 = 72% of their NPV (the same as CXO's when they released their DFS...) and we aren't even including Buldania.

Seems to me like LTR is heavily undervalued at these prices. I'll continue to top up and can't wait for a couple of offtake agreements to be announced.

I welcome any discussions on the above.