Ann: Significant Goulamina Resource Upgrade 48% Increase to 211Mt, page-94

This is yet another fantastic announcement - they keep on coming

A 48% increase to MRE is massive, especially as it’s on top of one of the best reserves in the World, albeit M&I increase was lower at 26%

Some of the highlights for me:

Large parts of the resource remain open along strike and at depth

Results from the MRE upgrade will flow into the planned Ore Reserve Estimate (ORE) upgrade which is scheduled for completion in August 2023.

This increase of 68.6 Mt comes “from a very moderate drilling campaign” They only drilled 40.5km since the last MRE (table 4),

Although IMO Stage 2 to 1 million tpa was a given, this allows that and beyond to Stage 3 (1.5mtpa ??)

Despite copping a lot of criticism over the fineness of our product (which converters can now handle) our “Crystal sizes range from 1 cm to up to 10 cm”

Drilling was done by AMCO & Capital, previously it was only Capital

IMO this MRE is what sets us apart from the rest of the Developers/Producers (with the exception of Greenbushes). How big can this grow? And we’re not inhibited by all the red tape we have in Aust & Canada. For example look at the new laws coming into effect in WA on July 1 with regard to Aboriginal heritage on properties > 1100sqm (yes suburban block size & above)

Although we have recently introduced a 0.5% cutoff, the following statement in the report is significant. Simon mentioned previously the spodumene is white the waste rock is black, we’ll just process all the white spodumene, having said that no doubt they’ll still use grade control to optimise the operation, but what a great convenience it is to pick out the good from the waste rock so easily. An ore sorter if they ever need to use one would be a walk in the park

“Leo Lithium intends to mine the spodumene pegmatites from footwall to hanging wall as they are generally mineralised throughout.

This approach is based on preliminary economic considerations and the ability to make a saleable lithium concentrate from mining the entire pegmatite

rather than defining internal low-grade components.”