Ann: Trading Halt, page-35

copied from Jcap report, it’s hard to argue with some of the comments made below.

Lake has a track record of failing to deliver on promises. For example, Lake promised a Lilac DLE pilot plant would be delivered in 2019 to the site.4It is yet to be delivered, and it is yet to be proven that it will work when it gets there. The definitive feasibility study, first promised to be produced in 2020, is yet to be published, and in March this yearLake was still saying that it would be in produc- tion in 2024.5 Lake has yet to raise capital to start the project. Lake's positive news announcements leave more questions than answers. They recent-ly announced two agreements, one with Ford and another with Hanwa. Lake claimed that the agree- ment with Ford would be “de-risking the project for financiers and investors”.6 We do not agree. What they actually had was a non-binding MOU to “ne- gotiate” an offtake agreement. It is like saying I might meet someone for a coffee to discuss buying their car. Lake has announced an “expression of interest” from UK Export Finance and a “letter of interest” from Export Development Canada to “po- tentially” work with Lake on finance. Lake has said this “considerably de-risks the project”. We do not agree.