Ann: Albemarle increases relevant interest in Liontown shares, page-478

Fellow Shareholders.

During these tense days before a decision is made at Liontown, here follows a brief comment on the plethora of articles one run into daily regarding what constitutes an acceptable price for LTR these days.

These are the facts: In depth calculations by people-in-the-know of the dividend expected from Liontown at full production has pointed to somewhere between 33 to 88Cents/share

(The higher end being somewhat optimistic in my view, but ok).

Now these figures are not based on the fluctuating spot market price or whimsical sector sentimentbut on real contracts already in place with Ford, LG Chemicals and Tesla along with a narrowed down cost overview LTR feels they are likely to incur during the medium to long term whilst in production.

If we accept the lower end - the 33 cent/share premiss - and look at the share offerof $2.50 it becomes brazenly obvious that such a return (some 13%) is already healthy and this is before the stipulated increase in production to 4 million ton/year that will bring the dividend closer to the heights already mentioned.

Albemarle argues further that the price is fair as accepting it would de-risk the project.This could have been a valid point 2 years ago, before a successful “in house”capital raising of some $475 million plus a 300 million loan from Ford at very generous rates. Furthermore, the plant is well on its way to completion and 80 % of the big-ticket items like the crusher is already built and on its way. Finally a unexpected economic boost from the (coming) sale direct to market of lithium rich rock (some 800000 ton) dug up and stockpiled as a side effect of the mine being constructedis a windfall that has landed in Liontowns lap so I wonder…. What de-risking is Albemarle referring to?