Ann: Change in substantial holding, page-60

Hancock's press release is full of very unprofessional comments about today's project update anns.

The whole press release looks like a cheap and baseless downramping post on HC. Very disappointing and unfortunate poor tactic from Hancock. I didn't like it at all.

I no longer understand what Hancock's motive is. We politely welcomed Hancock for it's shareholding but they started massing around with us.

We don't know Hancock but we know TG and our management very well. Why would we be listening what Hancock says and disbelief our management? I really don't understand how Hancock expects us to believe their statement!

LTR holders are not ordinary stock market holders. Hancock will understand that soon.

LTR management is doing a great job on KV project but Hancock tries to teach them how the project should be done. It's already done Hancock! Can't you see it?

What is $450m? Our management raised that money in one day two years ago. What are you talking about?

I'm sure Hancock knows well that the real value of LTR is double of today's price. Otherwise Hancock wouldn't be buying it at $3 like crazy.

If Hancock does not like what LTR management is doing then they should not buy LTR shares anymore and watch the board doing their work.

Hancock press release is really very disappointing and hamulating IMO.

Therefore I'm no longer supporting Hancock to have a seat in the board, unless TG wants to give a seat to Hancock.

We don't know what Hancock wants to do but there are crystal clear things here.

• It looks like from our survey here that majority of the retail holders will vote "NO" for ALB's takeover. (It's highly probable that ALB will not be able to get 51% of shareholder on HIN number bases voting)

• If Hancock puts a counter offer on top of ALB's bid, it would also highly probable that the retail holder vote would be again "NO" if we won't like it.

• Neither ALB or Hancock can't do Hostile Takeover because TG's 15% shareholding block any takeover. We wouldn't also be selling to any hostile T/O offer which we won't like.

So both ALB and Hancock are feeling bad and weak now. Even their billions of dollars can't buy them what they want, because we are still holding our shares very tightly.

If we keep staying behind TG no one can get a seat in the board either, not even Hancock, unless TG wants us to do so.

Hancock says on the press release "Ultimately, it is Liontown Shareholders that will have to meet the cost of this additional funding"

It think my best answer to Hancock would be this;

• OK Hancock, I am happy to face the cost of any additional funding, just stop cheap downramping,

• and tell me what you want!

• You can't go over 19.9% and we can still keep you out of the board.

• Sorry to say this stupid thing but this suits best to your low level argument; if you think lithium prices are low and LTR can't make money, don't buy anymore.

• We know we can fund our project and we don't need your money and assistance.

• Thank you for your interest.

It's all clear to everyone that we strongly support Tim Goyder and our management because we have faith in them and we want to go to production. We have got a lot of risk for building this company for the last 5 years and will not give it to anyone cheaply.