Ann: Simon Hay Commenced as Leo Lithium Managing Director, page-21

The Lion wakes, and it has the potential to become one of the 3 or 4 largest high grade Lithium projects in the world, and now with world class management, and a JV partner with very deep pockets and technical expertise.

Everything is set up to boom. It promises to be a very interesting journey indeed.

As holders we are obviously interested in the ratio formula that will be used to award us free shares, and then in the initial IPO price and what kind of priority current shareholders will get in that. Ganfeng attracts investors from all over the world, including big funds in Ney York and London, so I'm actually wondering if they are weighing up doing a listing in New York and on the LSE and Frankfurt and the NASDAQ, and how that might work. It wouldn't surprise me.

The other thing that wouldn't surprise me is if Ganfeng use it as a vehicle to gobble up some other Lithium companies, and I wouldn't be surprised then if Ganfeng wanted to get majority share ownership. A partnership with Ganfeng over the longer term may have both benefits and detraction's, but let's see how things work out.

Either way, I'm thinking that they might price Leo at about $500 or $600 million market cap as a start-up, but I'd expect it would very soon shoot up to $2 billion at least, the revised DFS was just too compelling for it not to.

Everyone is going to want a piece of this Leo, including some very wealthy investors and funds in New York, Hong Kong and London, so we could have our work cut out competing with them for shares, and it will be very interesting to see how the new management look after the loyal long term retail shareholders in particular, because "do we matter ?" - hell yeah, you bet we damn well matter !

Gw