As with other reports, this Quarterly signals the pathway to...

As with other reports, this Quarterly signals the pathway to production. Investors will see the following (despite the "same old, same old" comments from ill-informed observers).

1. If a multinational corporation invests in KEZAD (rather than Abu Dhabi government), then it will be a lot easier for DFC to undertake its legal DD. DFC remains firmly in play. Investors will await disclosure of who this multinational corporation is. JW mentioned during the AGM that LPD was looking to supply the automotive vertical. Maintaining confidentiality creates a competitive tension and places LPD in a stronger position with all prospects.

2. If LPD lease equipment at Karibib, reducing capex by 20%, then Karibib capex requirement is covered by the $50M DFC funding.

3. If LPD spend capital on solar hybrid energy at Karibib, then there is no need for the 27 kV line from the Karibib substation. This will reduce on-going energy consumption costs and mitigate energy supply continuity risks.

In the short term, a Terms Sheet for the sale of beneficiated ore stockpiles covers the key parameters required for a Supply Agreement, with the remaining details mostly boiler plate conditions, dispute resolution clauses, termination, etc etc. It may take a few weeks for the lawyers to draft the details, but an agreed Terms Sheet normally results in a Supply Agreement.

Investors will be pleased that the BoD extended the commodity trader's mandate by 3 months, in preference to forcing a result by the end of 2023 (as called for by some vocal HC commentators). Constantly repeating the same comments doesn't make them right, or in the best interest of investors.