Ann: Release of DFS and Updated DSS - Investor Webcast, page-53

In regard to the "speculation" about the pricing that is used in the DFS, I am amazed there has been so much negativity. On more than one occasion now Tony O has disclosed that more than 50 parties were interested in Offtake Agreements with LTR.

It would be a standard business practice that parties interested in making a deal would be required to sign a "Confidentiality Agreement" with LTR.

Both parties would be bound by this, however, LTR would clearly be able to ask these interested parties what price they were prepared to offer.

Without disclosing anything confidential or what parties are on the "shortlist " for an Offtake in his DFS presentation Tony would definitely have been armed with an overview of what the market was willing to pay. I, therefore, conclude that the pricing presented in the DFS would be based not only on the Roskill numbers but also be based on tentative offers from prospective off-take partners.

DYOR This is my speculation only - agree with me or disagree it's your decision. I just think LTR management is too switched on to come up with a made-up number that is not achievable. Their research would have given them a clear insight into what is achievable.