Ann: Presentation - Sydney Mining Club, page-154

THIS IS NOT FINANCIAL ADVICE

■ LRVs DFS (prepared by MACA) will detail LRVs KEY ASSUMPTIONS including mineral resource, production, commodity prices, AISC, taxation and NPV discount rates.

■ BLUE OCEAN in its reports did not show a dividend as cash simply accumulates in their model demonstrating the strength of HILLGROVE.

■ IF the NPBT of LRV were to be $450m (Full Year) then the NPAT is likely ~ $320m (after the 10% tax credit on antimony production costs of say $50m =$5m reduces company tax at 30% from $135m to $130m).

■ LRVs board will determine its own dividend policy in time having regard to its loan obligations (loan principal is repaid from net earnings), ongoing capital requirements and what is an appropriate contingency to be held.

■ LRV dividends will likely be fully franked in all years if paid.

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■ LRV is unique given it will become an antimony and gold producer (revenue split will fluctuate with prices but say ~ 60% antimony & ~ 40% gold) & there is nothing like it on the ASX.

■ Dividend yields fluctuate based on the share price & past years dividends and some examples from leading miners are:

● BHP is 5.37%
● FMG is 9.38%
● RIO is 5.74%
● NST is 2.65%
● NHC is 11.48%

■ IF LRV were to pay a dividend of say $64m (20% of NPAT) then this would be 15cps (on 430m shares) & a very attractive return BUT so too is capital appreciation

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■ TSX/MND (MANDALAY) generated revenue in FY 12/24 of USD 240.7m and its NPAT was USD 47.8m and has not yet disclosed its dividend. Its AGM is sometime in May.

■ MND forecast gold production of ~ 76,500/85,000 ounces and ~ 1,050/1,150t of antimony (Costerfield) in FY12/25.

■ MNDs antimony concentrates are being sold to UAMY in 2025 so it will be interesting to see their Q1/25 results as this will detail what they are paid. IF MND produce say 1,150t in FY25 & less than 18% of LRVs PFS Y1 forecast of 5,400t.

■ MNDs MarCap is currently 6.5 times FY 12/24 earnings.

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■ LRV will release its DFS shortly and it will tell us what the potential of HILLGROVE is and its future plans are via announcements.

■ LRVs AGM is Friday 16 May and I am sure that many things will be clearer by then and that questions will be raised in general business that the board will be able to respond to at that time.

AIMHO/DYOR/GLTAH