Ann: Hillgrove Gold-Antimony Project Pre-Feasibility Study, page-567

Good morning, thank you for another profitable day!

Investment thesis for LRV is remarkable

1. We have a 8th largest antimony reserves in the world and growing as we drill further
2. Since the PFS, gold and antimony prices have gone up significantly
3. With the China restrictions coming into play in Sept, experts expect the antimony to hit USD30,000 +. Aus governed cannot ignore this resource as there is not a lot available in Australia!
4. There have been lots of information available here now highlighting antimony for the US military
5. Very low investment of less than A$100m to restart the mine
6. Excellent management and has skin in the game.
7. Top 20 hold more than 70%, giving a tight register.
8. With all permitting done and infrastructure of >A200m already on the ground (replacement value must be even higher)
9. Cashed up and drilling to start start soon - the telescope like body means they are likely increase the resource
10. LRV is a DEVELOPER not just an explorer targeting first ore in 2026 (little over 12 months!) - the rerate will likely continue as per the Lassonde Curve (below). IMHO, if the US need antimony sooner, Hillgrove is one place they could turn to. Under the AUKUS agreement, this can be done swiftly.

Now valued at under A$100m, MC risk reward here for the short term and LT investors is exceptional!


LRV rerate likely to continue as per the Lassonde Curve as we have only about 18 months to first ore!