Ann: Phase 2 DFS Confirms Tier One Status of HMW Project, page-68

We've been through this so many times... what I have on the chart matches what is in LPIs DFS dated 20/1/2022, refer to the highlighted figures below (i.e. 0.31Mt @ 977mg/L - I recalculate from the reserve from the individual probable and proven components which is why there is a 1mg/L rounding difference)



1) Keep in mind the top table is not relevant. Here they are trying to express reserves exclusive of the recovery rate - nobody expresses reserves in this way, recovery rates are always factored into reserves, that is one of the main differences between "M&I resources" and "reserves".

2) I do not include the new code concessions as LPI does not have the right to mine lithium there until they obtain a CEOL (i.e. a special license to extract lithium, basically do a deal with a state run mining company). Once they obtain a CEOL that actually gives them access to the new code concessions I will happily update the figures to include the new code concessions. I have clearly marked on the chart that the reserve values are "without a CEOL".

I wish you well with LPI - I'm hoping that investors get to extract the value that they deserve.