Ann: Exploration Update, page-5

I'd like LPM to make some large finds and be successful. This should improve sentiment towards the Finniss area and all operators in the area. If more deposits are identified it improves the chances that JV's or exchanges of deposits could add value to both LPM and CXO operations through options to have more yet to be developed deposits closer to any facilities established. For instance if Liana were big, Penfolds is a deposit that is more sensibly owned by LPM than Core.

One of the patterns that is repeating multiple times across multiple junior lithium explorers is well mineralised lithium intercepts will be released by the company with geologist comments about visible spodumene and pictures under UV showing the pegmatite fluorescing as spodumene does under UV. They will also frequently have a hand-held Raman spectrometer and make an estimate of the percentage spodumene. There will however be the ASX required disclosure that visual observations are no substitute for lab assay results.

Drilling that hits poorly mineralised or non-mineralised deposits will frequently note the length of the intersection of pegmatites. There will be no references to Spodumene. There may be references to the potential size of the pegmatite. There may be references to the potential nearby targets. There may be nearology references other drilling that has been successful. Typically no visuals are supplied on these "we hit a pegmatite" releases.

This 20 Dec 2024 announcement ticks more of the typical unsuccessful than successful boxes but it will depend on the assay's and has the unusual characteristic of visuals. As shown by LPM's 14 Sep 2023 announcement, the LPM Geologists have used UV light and released pictures of the UV light changing the colour of spod (ref m152 drill tray's of BYPRC012). In that instance the assay's and pictures were released at the same time, with BYPRC012 being a very useful 19m @ 1.58%.