Ann: Lady Grey Exploration Update, page-141

Hi Ainsleym,

I agree that many times, elements were not tested for which are valuable now. KDR with Earl Grey is a great example. IMO LNR did test for Nb but I'm not sure the entire extent. I'm of the opinion that I'm certainly not holding my breath in regards to past exploration regarding REE and Nb. It wasn't very good compared to HAS and DRE. There's been a global downturn in prices for these since about 2022. DRE and HAS were early birds to benefit from the relatively high prices back then early on. LNR came at a later stage and still was able to capitalize on the hype. Our SP reached over 5c with a market cap of around $40m.

LNR shareholders back in 2022 were in awe of market caps of HAS and DRE. They were the benchmarks. HAS in particular had and still has off take agreements, plant build and a port. Takeover target or JV was the hope from the giants for LNR. HAS and DRE were multiples in market cap at that stage.

Look now and see what the downturn in REE prices has done for DRE and HAS. HAS has been close to $40m market cap and DRE has been about $60m. Nobody in back in 2022 could have believed that LNR could have had a market cap about the same as the future HAS 2 years down the road. Its amazing how things change over a small period of time.

This is why IMO LNR was nimble with its feet and went with a great back up plan in Li and Lady Grey.