Ann: Letter to Shareholders - Leo Lithium Priority Offer, page-16

Yes you have missed the Valuations of Leo's peers- You need to refer to the presentation.

Pilbara Minerals MC $8B and in production

Developers /Explorers
AVZ Minerals MC $3.5B
Liontown Resources MC $3.1B
Core Lithium MC $2.3B
Sayona Mining MC $2.3B

The other Developers/ Explorers with under $310M MC
Global Lithium
European Metals Holdings
Lepidico
Essential Metals
European Lithium
Infinity Lithium



Note: Market data as at 28 April 2022.

1. Market capitalisation for Leo Lithium is based on the Offer price of A$0.70 per share and total number of shares on issue prior to the Offer and post Firefinch retained stake of 1054.7 million. Any cash proceeds raised
under the Pro-rata Offer are expected to increase the pro-forma market capitalisation of Leo Lithium;