Haven't posted much because this Ann speaks for itself - another...

Haven't posted much because this Ann speaks for itself - another good stepping stone that provides further weight to my views posted earlier this month in italics below for LRS. Some good grades, high brightness, low impurities again, another tick.

As to this continuous debate between ADN and LRS, I will again repost the following written early April - Post #: 52340816

"""""""""I haven't posted that much on either ADN or LRS as I see both of them essentially now been 'business as usual' companies, the former on its way to mining and the latter at the commencement now IMO of identifying the appropriate mine area for its subsequent feasibility studies etc etc. I also have sort to stay away from the tit for tat on each thread around comparisons of one's deposits.

A while ago I posted this on the LRS projects - lithium, hallosyite and Peru - Post #:50163438 LRS has certainly delivered on the kaolin/halloysite project and this Ann is very good in that regard - it will be a good project in its own right IMO (noting ADN has a very good deposit as well and more area to explore so that is where the comparisons end given both have good deposits and now it is about taking your market opportunities).

LRS infill program will define IMO the area they will be mining from in due course. Whilst some of the results have been a mixed bag, as was ADN's results in some areas, LRS clearly have some very good areas where results have been outstanding. And I suspect it will be those areas that infill will target and it will become clearer from the infill how they will proceed with area identification, mining plans and before all that feasibility studies.

As everyone now knows, the key to a kaolin/halloysite deposit is three fold:1. Grain size - less than 45um is the key.
2 Brightness - over 80% is fantastic meaning the resource is 'whiteness'. 75% - 80% is good/ok
3. Low deleterious elements, especially iron, which in part is also associated with high brightness. If you have brightness above 80% the probability is you'll have low deleterious elements. Fe203 needs to be below 1%.

It is pretty obvious that LRS appears to have found something viable to mine and the feasibility studies IMO will also show that - the importance of understanding and been able to leverage from the work already done by ADN.

Long term hold, and I don't tend to comment on day to day share price movements.

LRS's lithium project too me is also very very interesting as well and looking forward to drilling there when it happens - refer embedded post above.

All IMO IMO IMO"""""""""""

Reflecting on the above, I still think the lithium and Peru project are also interesting in themselves (which by definition essentially implies LRS has diversification potential if the drill bit works in our favour there).

Furthermore since that post, I still see this debate between LRS and ADN also as irrelevant given there is ample scope for a number of new kaolin/halloysite entrants into the market given the need for a number of new deposits to be developed to meet rising demand - which I went through in this post around demand conditions if others are interested Post #: 52473769

Whilst development wise ADN may be in front given its PFS, the fact that LRS has found something worth pursuing/evaluating still means it can still be considered a 'first new mover' in this area, if ADN is considered the first mover. Albeit LRS can also leverage of ADN learnings so that it can ensure it gets to market at a faster rate than ADN (i.e. here I mean from initial discovery to evaluation and hopefully from there to offtakes/funding/mining, noting ADN is still at this latter stage btw noting it still needs a few more ticks as I posted there a few days ago before mining can start at the slated 1st half 2022 production start date). At the end of the day, if LRS has a viable resource, and feasibility studies will determine that, and noting shortfall scenarios, LRS could potntially be in production sometime between 2023 - 2025, but this depends on LRS only by continuing to tick boxes, rather than SHs worry what ADN is doing.

There are not too many prospective halloysite/kaolin deposits around, so LRS should just wipe out the noise (as should LRS shareholders) and just focus on ensuring that it remains ahead of (most of) the pack given its drilling is showing very good potential. Noting the near surface nature of the deposit itself is more akin to a quarrying operation in production at 'mine site' (i.e. read low cost potential operation at mine site based on looking at ADN PFS btw which also has a near surface deposit). Can leverage of ADN learnings such as i.) wet versus dry processes etc etc noting ADN started with a dry process before switching its PFS to a wet process, ii.) having strategies around water and water use and iii.) etc etc, which are all learnings one can take from looking at the ADN Anns, albeit they need to be leveraged by LRS to the local operating environment in WA (albeit process wise there may be some consistencies etc etc)

On a final point, too me the key is around Market Cap, not SP, so LRS does have some further upside potential btw IMO as well (if any comparisons are to be had). Having said that, as also a ADN holder I am not a fan of inground value as I posted over there in the past, which I know some ADN posters are quoting here, because ultimately value long term is around what is actually produced and what actually goes to market. Obviously with a large resource ADN has opportunity to go to market with a high production configuration, but ultimately the market needs more than one new entrant and that makes IMO LRS also a good investment.

The reason as to why I am not a fan of inground value, is because inground value has no long term value IMO too me if there is no prospect of mining, or mining is slated for many many many years down the track (and the market ultimately catches up with that). A simple example, you have a huge resource but the market believes wont be mined for 10 years plus - what is its value compared to a smaller resource that will be mined next year? The latter will have a higher value. So getting to market the key for both deposits and that is where the comparisons end IMO - refer italics above again.

LRS needs to make its own journey, and the journey to date with this koalin/halloysite discovery has been rewarding. Will it be a company maker - the next stage is get your MRE sorted to do feasibility studies so time will tell, but I am hopeful and confident.

With that time to have a VB, since the one I just had dried a while ago as I was writing this essay.

All IMO IMO IMO IMO