Ann: Notice of Annual General Meeting/Proxy Form, page-302

AGREE ... and based on run of mine using the following assumptions a MINIMUM value of $5 per share for LRV is a realistic prospect.

OPERATIONS:

● 41,000 OUNCES @ $5,000 = $205m
● 5400t antimony @ USD 65k / AUD 65k net = $324m
■ Total Revenue = $529m

● Less AISC = $129m

■ NPBT = $400m

● Less Tax @ 30% = $120m

■ NPAT = $280m (EPS is 66cps) (YEAR 1)

MANDALAY P/E ratio is now 8x so apply same for LRV = $2.240B / 430m shares = $5.20 ps.

IF antimony is USD 100kpt / $100kpt net to LRV then:

● Revenue increases by $216m to $745m
● Less AISC $116m = NPBT of $629m
● Less Tax $179m = NPAT of $450m (EPS is $1.05ps).

At a PE of 8x = $3.6B / 430m shares = $8.37ps.

These values do not include upside in HILLGROVE to 10, 15 or 20 years nor MT ISA and EYRE.

..........

BOTTOM LINE is that shareholders have an expectation that LRV will commission HILLGROVE and deliver against the DFS on production forecasrs and AISC & commodity prices will deliver the upside.

AIMHO / DYOR / GLTAH