Ann: Letter to Shareholders - Leo Lithium Priority Offer, page-9

So at 94c I am really considering just buying more FFX now instead of buying LLL shares at 70c.

I mean for every 1.4 share you own you get one free LLL share which IPO's at 70c so that is 50c worth on LLL...

FFX will hold 20% of LLL or equal to 12.5c per share (or is it 10c?)

So the gold side of FFX at current valuation is only worth 31.5c and they have $100M I cash which I certainly don't expect them to blow through before becoming cash flow positive. So that is another 8c per share.

At 23.5 for the gold business we are only looking at about 280M AUD...

even if we take a modest production of 150K ounces with 80% holding that is 120K ounces for FFX and we assume very modest $500 USD net profit per ounce it is $60M USD or over 80M AUD profit per annum or a P/E ratio of 3.5.

So even based on very conservative metrics that just seems very cheap, and has lots of upside. I just don't see the upside to taking up the LLL offer over just buying FFX at market today. Am I missing something?