Ann: BEL: Disposal of Rare Earth Tenements vis Sale of Subsidiary, page-84

Hello.

1. BEL are told by the ASX that because they are a LIC, they cannot spinout an IPO. Correct? YES

2. LEL have recently sold (in principle) their Lithium asset and are merging their graphite assets with NVX. Correct? YES

3. LEL to remain ASX listed and to avoid being wound up... NO. FOR LEL TO REMAIN LISTED THEY MUST HAVE A BUSINESS ACTIVITY. IF LEL DOES NOT HAVE A BUSINESS ACTIVITY, THEY ARE DELISTED UNTIL THEY OBTAIN A BUSINESS ACTIVITY AND THEN THEY MUST RELIST. IF LEL WAS DELISTED THEN ALL OF THAT $80M IN CASH WOULD BE STUCK IN AN DELISTED COMPANY. IT IS BEST FOR LEL TO REMAIN LISTED IN THE ASX, THEREFORE IT IS BEST FOR LEL DO TO SOME CHEAP SOILING SAMPLING ACTIVITY ON SOME $10,000 TENEMENTS