Ann: Corporate Presentation, page-19

I have been extremely bullish on lithium for a very long period and continued to invest through the rise of lithium. The risk vs reward for the junior miners like TOR unfortunately doesn't stack up anymore. I will continue to hold investments in the bigger players LTM, PLS, etc as they have the strength in their balance sheets to operate with lower lithium prices in what has clearly become a flooded market. Everyone I speak to is trying to make a quick dollar from these types of stocks without considering the market conditions and understanding the company they are investing in. Many seem like they have cash to lose and are literally just taking a punt on the fact that they are cheap and they mine lithium which we all know will be used to supply a rising battery market. (There is also a lot of speculation about batteries which require less or no lithium in future battery tech but I won't go into my opinions on that). I still believe lithium has a strong future...for some. For now I am out of TOR and was very happy to pocket the 25c yesterday as that was the bullish target I set when I first invested in the company. Good luck to all holders, I wish you and the company well.