Ann: More High-Grade Colina Intersections, page-40

I will be the first to admit that thicker intercepts closer to the surface would be better. Though the numbers coming through looks like the MRE update should be decent enough to pull together a project thats economically viable, just like Sigma did in its early stages. Then build on that.

Speed to market is key. The big coin will be made prior to 2030. Below is Macquarie Spod Estimates to 2028.



LRS has the potential to capitalise on 2026 / 2027.

Its benefits is the jurisdiction is highly focused on mining revenue and will be far easier for permitting than most other jurisdictions on the planet.

Infrastructure requirements will be minimal (linking into the Hydro grid, upgrade some roads). Power, main roads, port etc no issues.

OPEX / CAPEX. Brasil will be hands down cheaper, in particular for labour. LRS Drilling costs are showing this.

I own Canadian plays and was a big holder of GXY / AKE (sill some in my SMSF) Their project is being red taped to death. Its been ready to go for 3 years or more.

I actually think the Canadians are being very very clever here. The flow through provisions mean the country is being drilled like Swiss cheese, lots of employment for Canadians and all the support that goes with it. The tax revenue flows back via the spending of the funds. Clever.

Then once the process of pulling together the MRE / Jorc is done they red tape you into spending a small fortune on environmental studies, negotiations with Cree Nation etc etc etc. More spending of money in Canada, this time with government pen pushers and lawyers etc

Its all there with AKE James Bay to see. That project is valued at ZIP in AKE Market Cap. I wonder why.


So the question is when will the likes of WR1, PMT, CRR etc actually be fully permitted and actually put a shovel in the ground?

Will little old LRS have already have had revenue for 2 years or more? Thats my thoughts.

No denying the Canadians are pulling some good numbers on the drilling.

IMO