Ann: The new Chilean National Lithium Policy, page-213

I know everyone is focused on Stage 1 right now, Which I think is important, I dont know how close management is to getting any deal signed. Literally if they can sign any deal at all related to Stage 1 then our share price will get corrected immediately. Management knows this and this is why they are always so focused on making these deals and trying to keep this at the focus of the board from the shareholders perspective. It is frustrating from the shareholder perspective because all of the negotiating need to be done is likely all confidential until something is ready to be signed. The maricunga opportunity is so impressive between Stage 1 and Stage 2 that at some point someone is going to want to start signing deals with LPI/MSB. I think acquisition of the company is likely a serious consideration for LPI at the moment due to current stock price, lithium price bottom, having full control over pre-1979 Stage 1, having a great opportunity to partner with Chile government and CODELCO on stage 2, full project water rights, good relationship with local indigenous people, flat land for constuction, court ordered easement on all the land in the salar, and the project located in the salar with the second highest concentrations of lithium in the world. . I dunno if acquisition will happen, just a thought.

That said there has been many published articles over the last 4-5 months where CODELCO ceo says they are in talks with current lithium companies in Maricunga, and also prior to the supreme court case ruling codelco ceo mentioned that some of these negotiations were related to these disputes in court. I know CODELCO wanted a piece of Stage 1, but after these recent rulings i dont think that is going to work. The attempt by codelco to get control over all of maricunga, including the pre-1979 old code properties, is stopped, so now CODELCO needs to pivot. With no leverage over stage 1, there does not seem to be any motivation for LPI to partner with CODELCO on stage 1 and our ceo has recently said that stage 1 will not have a partnership with codelco, but stage 2 will.

LPI Stage 2 is sitting in a very good position right now, this latest failed appeal against the easement which covers LPI property in the salar significantly supports the position for LPI/MSB in negotiating a private partner agreement with codelco. Among many other things one thing this easement does is that it forces codelco to get an agreement/partnership with MSB inorder to enter the property. This post 1979 property alone for stage 2 is estimated to be 1Mt–2.5Mt of new resources alone. If I remember right the original non binding MOU MSB had with codelco expired partially due to CODELCO taking too long to explore their resource.

Having CODELCO as a direct neighbor and with their mineral resource getting defined in the next month. Alongside the recent mandate from the government directed at CODELCO to make these types of partnerships. I could see a new MOU or some other partnership that is only related to Stage 2 like MSB's previous MOU was. Seems like the board and Martin Borda are likely wanting to see their shares back at the 0.60 cent level where the merger took place at. I imagine they are motivated to make progress on a new agreement with CODELCO for stage 2 even though they are focused on getting stage 1 financed. With the creation of the Lithium and Salt Flats Committee yesterday it seems like everything set for the first partnership to get passed through that new committee. I am sure this newly created committee is pretty eager beaver to get something to show for all the talk they have been making about the new lithium policy. LPI/MSB Stage 2 would make for a great first approved private-public partnership for the new National Lithium Policy in Chile. I am thinking we hear something this month or next month about CODELCO and Maricunga partnerships. just IMO tho.