Ann: Kathleen Valley Mineral Resource Update - Clarification, page-4

The results for iron here furnished by the company are long overdue and have been agitated for by application with the ASX.

What shareholders here need to understand about factoring iron is that the company have not shown its modelling.

Talisons, for its tech grade SC applied mathematical modelling and published it. Any company that is honest will publish its modelling. PLS never published and when forced to add factored to its iron to differentiate from raw iron data, they reduced the %. To my view this appeared as a symbolic clenched fist-forearm. Because, Q1 and Q2 2019 just showed how academic that quantifying of iron was by Pilbara a comparison that bears strong resemblance to the method employed here. Because if you look at Talison Greenbushes data for SC6 chemical grade it hovers around 0.7%. Yes that’s right it looks higher than LTR. But is that the actual reality from a feedstock to production scenario?

This is where as Tianqi has said, the devil is in the detail and the apparent JORC compliance here is not providing adequate perspective.

I’ll explain more with graphics to make this point further. And yes, if you’ve done your homework you’ll note LTR’s link for Greenbushes SC data points is broken.

Why haven’t shareholders here or even management fixed that broken link considering how highly esteemed Greenbushes has a regarded here and by management who btw hoped to find the next Greenbushes in Tanzania...................