Ann: Element 25 Commences Butcherbird Stage 2 Expansion, page-19

E25 has not optimally played its Lake Johnston assets. With the benefit of hindsight, the optimal play would have been to undertake some cheap regional soils sampling. Given Charger has reported high lithium in soil anomalies on E25's tenement border its presumable there's some good anomalies also on E25's tenement. Some strong rock chip assay's from known outcropping pegmatites would have been ideal. These are cheap exploration options. Its drilling that's expensive. When lithium sentiment was strong, even these would have potentially enabled a multi-ten's of millions of dollar sale.

I presume its the conclusion you disagree with:

• It remains a fact that TG6 and Charger are showing Lake Johnston pegmatites with very high grade mineralisation - assay results prove that
• It remains a fact that both have large scale lithium in soils anomalies that have sufficient size their could be a very significant resources in one or both companies. The published soils prove that.
• It remains a fact that TG6 is hitting Spodumene (not lepidolite, Petalite or other expensive to process forms of lithium mineralisation). TG6's ASX announcements confirm that.
• It remains a fact that TG6 is reporting mineralisation across the pegmatite rather than patches of non-mineralised pegmatite interspersed with mineralisation. TG6's ASX announcements confirm that.
• It remains a fact that nearby TG6 has noted the ground has strong geological similarities to areas where extremely large commercial deposits have been found.
• Its a fact that E25 has reported a very thick pegmatite intersection of unknown lithium mineralisation because they assayed for gold

Are you disputing any of the facts noted above?
Those facts are inconsistent with your statement: "There is nothing in the region “Lake Johnson” to suggest whatsoever anything is a significant resource!"

What is correct and I'll agree with is that no company has yet proven a commercial lithium resource in the Lake Johnston region. What we have is lithium market sentiment being in the doldrum's because there is a large increase in supply creating a short-term patch of over-supply. E25 should be preparing better to ride the next wave upwards. Given EV/ESS demand growth this could be much sooner than you would expect from current sentiment.

So IMO what we have in Lake Johnston is a region with strong geological potential in a market that is taking down the share price of even companies that have spent many ten's of millions defining lithium resources in their respective regions. The share price movement of TG6 or for that matter WR1, GT1, GL1 or others is not saying the geology of their exploration areas is stuffed. Its saying lithium sentiment is stuffed but minerals go in cycles and E25 should be prepared. Shareholders are already paying JB as an experienced geologist. Incur some accommodation costs and send him out into the field for a few weeks!!