Ann: Leo Presentation - Euroz Hartleys Institutional Conference, page-62

LLL has always been a long-term hold for me. Just have to have patience.

As LLL has not established any dividend policy, I am not sure of the basis of Macquarie's forecast of dividend payments, but it does make sense as they will be generating so much cash. Barrenjoey in their research report on LLL also had dividends starting in 2026.

Below, Macquarie are forecasting dividends starting to be paid in CY26. Annual dividends are >25cps, with dividend yield on current share price of ~50% (no franking as a foreign company). Macquarie has assumed a share issue of 10% of SOI to pay for increased CAPEX and working capital, which would mean on current SOI this would equate to 10% higher dividend payments (>27.5cps), if no share issue.

If you assumed a generous dividend yield of 8%, this would equate to a share price of approximately $3.50.

The first 2 years of dividend payments exceeds the current market cap, while still leaving $1.5 billion of cash on the books at the end of 2028.