They need to get a move on so the sp can go up prior to 31/12/23...

They need to get a move on so the sp can go up prior to 31/12/23 when LRL have to hand over enough shares to cover the cost of 450 oz of gold (or deliver 450 oz of physical gold).

So at .006 and $3000 poz price points, that's 225m shares.

Also about $600k has to be paid by the end of this month to complete the cash payments for the Canadian assets. 4,500 oz of gold to be delivered once LRL starts mining (less the 450 oz mentioned above).

The company was granted 2 new leases in Canada last quarter and are applying for more, which only make sense if they have the cash to do so without affecting exploration in Canada or WA. So far they've messed around with very little progress to the point where the progress payments in cash and gold have started to impact our cash position and in turn will lead to quite large dilution in 3 months.

The company undertook a cheap rights issue and still fell short of the intended raising amount, so are under pressure financially again, even allowing for receiving around $900k back from the Canadian Govt in resource tax credits.

They would have around $3.4m in cash after the capital raising, rights issue, tax credits all coming in this quarter and cash on hand at the end of June of $400k.

So with $600k being paid out at the end of the month for the final cash settlement for the Labyrinth Project and expenses for the Sept qtr, they will probably have between $2.2m and $2.5m cash left in which to make an impact. To lessen the dilution to the share registry that is approaching fast, they need to get some positive news to the market before mid December as the shares issued will be determined by the 15 day vwap prior to Dec 31st.

There is a possibility they will sell the Denain project in Canada and just focus on Labyrinth as they won't have the resources to fund everything adequately. Even now they just seem to tinker without taking any great strides forward, which ultimately leads to investors selling out and looking elsewhere for value.

Time to go hard at Comet Vale and make some progress, especially in the search for battery metals. So far the work rate has been lacklustre and the announcement today about getting 'back to basics' won't help.

This company seemed to hold plenty of promise but they only look like offering up plenty of dilution and pain for longer term holders. Adding to their woes has been a distinct lack of interest being shown in Canadian based gold companies in recent times. Right now LRL wouldn't be able to sell their Canadian projects to even cover the current outstanding 4500 oz gold debt, so Comet Vale has to take precedence as there is at least some interest in WA gold and lithium is still red hot with M&A activity for advanced projects.