Ann: $2.5m Raised in Oversubscribed Placement, page-21

LTR is lagging CXO but is not reliant on CXO for its own share price.

LTR's Bynoe is affected by CXO exploration activities and drill results. The air born exploration should be completed and results will impact the LTR share price. Interesting that CXO is drilling over the wet but LTR chose to stop.

The key to LTR surpassing CXO is the commencement of drilling at Kathleen Valley over the next few weeks. Any reasonable drill result will see LTR race past CXO's share price. Lake Percy may be a massive additional SP stimulus.

In my view we may see a 10 or 20 bagger to LTR from here into 2017.