Ann: Lepidico - Corporate Update Presentation, page-35

Good reasoning there I4aP.

No question risk remains at KIZAD Chem Plant. I've got a few others with untried production processes (not the least of which is LAC's giant Thacker Pass project doing clay leaching - many years invested). But you don't proceed with $100M's of capital investment (in LAC case) if you are not very confident in the tech and its suitability to operate at scale. If LPD had any doubts they should not have proceeded this far. IMO its a risk worth taking - but invest accordingly.

P2P ... yep ... the reason for making a stock investment in LPD IMO. This is my perspective and most likely not one to be broadly accepted by this forum. For me things have changed fairly quickly from the research through to buy to present time. The recent missteps by mgmt highlighted in the Qtrly and this corporate update presentation has forced a reset (and an upfront response to the rose colored glasses brigade is if what is written in company filings and presentation is all just estimates and not to be relied upon, then your own stmts reinforce my concerns ... that P2P isn't likely to go forward for a 20Ktpa LCE plant from Karibib MRE). That "expectation reset" led me to review my model and whlie it still shows a +ve upside to my buy-in price (bought at 4.2 cps and FV est at 5.1cps) a clear path to the prize (P2P) isn't there. I wont be adding no matter the price, nor will I be selling (at present).

A WA explorer just found some more lepidolite this week. No shortage of rocks around the world mica or others. Theres a large Zinnwaldite project in Europe is there not. LPD process works on that too.