Ann: Notice of Annual General Meeting/Proxy Form, page-86

Hi just some super rough notes as was on computer, didn’t capture all questions and responses and some sound issues. Don't mind my narky observations in there also.

Rem passed, spill not passed, Cynthia Thomas re-elected, 7.1 Aapproved

1. KEZAD lease payments don't start until April next year - have been deferred given the project delays - "and they anticipate they will be paid out of project finance"? What
2. Where are the 28 people employed by the firm deployed across the business? Were 28 employees in June, 9 people since let go. 3 in Namibia, 2 in Abu Dhabi, 3 in Canada… others not mentioned.
3. Has the Board considered fee suspensions or salary cuts "would be shooting ourselves in the foot by doing that as in the business of executing and needing people to execute or they go elsewhere". I note that other firms have done this though or deferred cash payments to zero strike options, felt like a cop out.
4. Cynthia Thomas/Shontel Norgate was questioned over some environmental concerns/financial scam issue where a 10m allegedly fraudulent payment was made while Shontel was CFO and Cynthia a director at the a prior firm in 2016. Questioned over issues of corporate governance experience for LPD and failure to include in her CV. Chair batted question away as irrelevant to LPD and old news.

General questions

1. Given super low share price, is there any discussion of consolidation? No formal agreement but under consideration, especially as it makes capital raises difficult. Questioner observed there is market speculation of a consolidation to 200m shares and a 5m raise. Board would not respond to 'rumours'.
2. Question on payment structure to Jeffries on bridging finance: Jeffries working under a pure success based mandate - no retainer. Accepted a clear message from the half raising in May this year. 'A company in our position is not able to take debt' - so it will be a dilutionary equity raise. As the questioner observed - at this low share price?

Julian observations - "when it comes to cutting salaries…. all employees under service agreements, so difficult to amend" (Ok but what about directors….). Potentially possible to take part of salary in equity? Said not tax efficient, does not serve shareholders as directors could feed liquidity into the market (only if they sell Julian, besides, how much are you giving yourself - if we're successful, it should not matter).

Julian rebuked shareholder for raising integrity questions over Shontel and Cynthia. Sparked a bit of a verbal box-on.