Ann: Becoming a substantial holder, page-29

If you read Regal's recent newsletter, you may notice that they have invested in Leo, which was the top performer in their portfolio in May. By that time, they had started accumulating LRS. My understanding is that their entry to Latin was simply because they wanted to seek and build a position in another lithium small cap that shows the best potential for growth. I guess Latin would be one of the top performers in their June or July newsletter. Furthermore, I cannot find any indication showing a selloff will happen after reporting their monthly top performers in their past newsletters (and often the top performers extended further gain in the following months). So I would not overspeculate this announcement at this stage.

If they would like to short LRS, it won't happen at current price level, as the stock is still undervalued given its reported resource base and huge potential for growth. When they think shorting LRS is profitable, we would have 200-300% gain or even higher depending on the news in the next 6-12 months (including PEA, met test, offtakers, resource upgrade, DFS).