Banter and General Comments, page-38

This is excellent news.

I was looking in some of the past LEL announcements, and I found the following on LEL's last year's annual report. (which was well before the Allkem/Orecobre announcement on 4 April 2022)




So, LEL anticipated finding most of the Brine in Payo 1 to Silvia Irene tenement, which is consistent with the Allkem results on 4 April 2022.

According to the recent 31 March 2022 Quarterly report, they are awaiting results from the Payo tenement to which they are not expecting anything based on the Annual report last year. (This was the first tenement to receive approvals so I assume the reason for getting the preliminary results tested). If they get something in Payo, it will be a hallelujah moment.

Based on this, the resource of 1.5mt to 8.5mt is more likely to be a relatively conservative estimate and on balance, more likely to be achieved.

Also, LEL held relatively well today. Its not great to see a negative day but LEL held the ground remarkably well given 1.8m shares changed hands today. This is approximately 5.6% of total liquid shares after removing positions held by the top20 shareholders (1.8m shares / (80m shares *40% minority shareholdings which are susceptible to selling)).

Great value potential and more news to follow in May. Good luck, DYOR, IMO.