Ann: Application for quotation of securities - LNR, page-13

Its all doom and gloom, I will agree right now. The company is raising for survival again. I disagree with one poster that LNR should just go in and drill or other haphazard exploration just to prove they are doing something. They need funds to have a crack at something better than what they have to play with at the moment.

If you look at the history of the former FNT and LNR, you get a better picture of a small exploration company. Peter at the helm of FNT had a myriad of projects in the PNG and also in Tasmania. The best time was when perhaps the Kodu deposit PNG looked like getting a go ahead for mining approvals but that got canned by Kevin Rudd protecting the kokoda trail. Soon after FNT had a couple of JV's, one with Ok tedi and another one with Newcrest after promising 1st drills at Mt Andewa. Unfortunately for the former FNT the price of gold, not very promising exploration results, and other factors relating to being a very small company were detrimental. The next project was Bulago and it was a fizzer because it was too small.

Peter jumped at the chance to get land next to the old Tolukuma mine. Promising at the beginning but proved to be too big a task to get traction for a minnow company FNT. TOK now with much more than FNT at the time could have done are making some ground with the Tolukuma mine site and former FNT lands but will they make a profit? I'm not convinced at all.

Then came the LNR period when Murrydium was the rave and a name change to a REE Lanthanum in LNR. Then came the Gascoyne REE prospects and Mt Clere. A little flutter happened with potential but not to be. The truth is that REE has lost its most of its shine after the realisation of how hard it is to refine.

But Lithium is not so hard to refine. Mt Holland came along and LNR jumped in boots and all until they discovered that the Lithium market is hard to crack as well especially when the geology is not promising, even though anomalous. No back to gold and nickel exploration because even a minnow can manage to make money on something as easy to refine as those.

All that said, its not like the former FNT and LNR didn't have a crack at it. They really did. Some will call it wretched luck that they never struck it rich or the prices were crap when they could have got more. Some common posters here always blame the management for everything but never blame themselves for taking a punt at this and calling this an investment. Minnows are about survival and luck. Not about shareholders. This always was and is a punt. Most could have got out of this casino at sometime without too much damage. I lost quite a bit earlier on when I sold out. Totally my fault taking a punt on this. This second time and now am only in with coffee money so I couldn't care less what happens now.

Just my thoughts on what will happen, I agree with darkhorse 72, it will keep going with new funding for a while yet. Just speculating but Brian might retire soonish and they will try to spin this company a couple more times on new ground.