Ann: Maiden JORC Mineral Resource - Colina Lithium Deposit, page-216

Reading the broker note again tonight, the equity raise section is pretty unusual.

The note provides no rationale for why they think an equity raise is necessary - which is unusual because we will likely still have $29m in cash at the end of this month. They may just include a consideration of equity raise for every high risk explorer they cover (rather than it being a specific point for LRS).

$3.8m cash burn last quarter - should be pretty similar this quarter. Next quarter will be higher due to 8 rigs, but even accounting for this, the need for cash shouldn't become an issue until the second half of next calendar year.