Ann: Equity Investment Agreement Execution and Debt Drawdown, page-28

LLL ~40% ownership with only 1.2B shares on issue, is about same equity position (per share) as PLS 100% project ownership with (2.5 x more shares) diluting it to roughly 3b shares on issue.

The return per share owned is about the same, except we have a fantastic partner assisting with the project and guaranteed offtakes.

PLS is valued at 20 x LLL, for similar production capacity and similar earnings per share in 5 years time.

A 50% African discount still puts LLL at ~2.50 in 3 years time, and absolutely shitting cash to then invest in other projects.