Ann: Investor Presentation, page-21

Hi all, abit of a comparison that’s interesting - (LPM) Bynoe Project, Azure (AZS)Andover Project, Wildcat (WC8) Tabba Tabba project.

Now, I knowthis is a bit simplistic as all of these companies have a few other assets etc,but at the higher level:

· All are (largely) lithium focused.

· All have good infrastructure supportand proximity to a viable export solution. I’d suggest LPM’s ~40/50km to thePort of Darwin is marginally better; comparable distances for AZS and WC8 to port, but Darwin is probably better suited and it’s clearly underutilised.

· All have made good Li discoveries,but none yet delivered an MRE; MRE’s due for LPM ~Oct’23, AZS ~Q12024 and WC8 unclear.LPM is delivering some very long, homogenous Li results which are improving withdepth, has both DSO potential and deeper open pit or underground potential. WC8good, but grades don’t quite match LPM’s and the sections show a bit ofstringy mineralisation. AZS intersections are really good, the sections showgrades that also probably don’t quite match LPM’s and the mineralised bodiesseem to be dropping in grade at depth a bit. This all tells me that pulling togethermineable resources at WC8 and AZS may more challenging that at Bynoe. All theabove said, all have plenty of upside and LPM and AZS (particularly) have aSTACK of other prospects to work up over time.

· All well resourced cash-wise.

· Market caps: LPM ~$45m, AZS ~$660m, WC8 ~$270m

The purposeof the above is not to highlight deficiencies in any company, rather to identifysome broad similarities and points of difference between them; but mostly tohighlight the amazing dissconnect / upside in the LPM shareprice. Naturally,DYOR but I maintain the view that LPM is due a major re-value upwards over thenext few months and looking forward to the ride! A market cap ~$300m is absolutelyachievable and that would translate to ~$2.50 - $3.00 per share.