Putting aside my distain for the current/former BOD due to their...

Putting aside my distain for the current/former BOD due to their lack of competency, if they can use the existing cash balance wisely (perhaps Lowe can guide them in not destroying SH value this time), any project or JV that is earnings accretive or that can cover business expenses until LLL is operating would be a good outcome.

Seperate to whatever they decide to do with the remaining cash, and if SH’s are unable to force the BOD to distribute our LLL shares post escrow (or sell and provide a special dividend), then perhaps 18-24months into production there may be the possibility for dividends eg:

- FFX have 210,941,543 LLL shares

- Leo stage 2 output of 831 ktpa

- Eg $1,500 AU profit per T = $1.265b

- LLL’s share (40%) minus tax (30%) = $349m

- 70% dividend payout ratio = $244.3m or $0.202 per share

- FFX would receive $42.7m, which after tax is $29.9m, and if distributed, equates to a $0.0253 fully franked dividend for shareholders

PS - The above figures are an example and for illustrative purposes only, they are designed to stimulate consideration of the potential long-term value of our LLL holding (as opposed to challenging the metrics used in the example).