ASX Today, page-11595

1. LTR says that U/G mining reduces environmental impact ...this IMHO is the company just trying to put a +ive spin on a crappy situation. No one chooses to do underground mining at huge cost if they can avoid it. If they were worried about the environment that much they would they would have no open pit at all. They imply that u/G mining improves ore quality, partially true, this is because cause they dig a very expensive shafts to go to the higher grade areas. They can't dig out all the high grade there because the shaft would collapse in on them and they can't backfill the shafts as its to costly, U/G mining is what you do if you have no other choice. It may provide early access to deep high grade areas but it comes at a heavy price and your restricted in what you can extract (you leave alot of good ore behind).

2. LTR mgmt are experienced miners but have have very little experience delivering battery minerals projects which require a high degree of specialised chemical processing and knowhow.


3. The bubble chart you should be looking at (but LTR management chooses to not publish) is this one. It shows all the big boys in the hard rock universe. Study it closely.

The dotted lines is the 3km where the AVZ's "from surface" 400mt @ 1.6% Li20 of Jorc comes from. Note: the rest of the pink bits +10km of strike (above dotted lines) are at surface, lithium bearing pegmatites that have already been scout drilled. AVZ geo's estimates an additional 1.1 billion tonnes of Peg with higher grade avg lithium content than the existing AVZ Jorc. Hence the +100 years supply So triple the size of the AVZ bubble below and move it slightly higher on chart. AVZ also has tin, it is the largest undeveloped tin deposit in the world. Tin selling $35k / Tonne and rising steeply due to EV vehicle demand amongst other things .

LTR appears to be in the middle of the pack in both grade and size for lithium. So avg size and avg grade. AVZ is well beyond all in size and second only to Greenbushes in avg grade. LTR and PLS are similar in grade and size. PLS bigger but slightly lower grade that LTR. Hence why LTR and PLS are good to compare. Only thing is PLS is years ahead in production so risk is very low now. LTR with no DFS means risk is still very high as early stage only.

I would say that every bubble to the right of Firefinch's Goulamina bubble is a Tier 1 Lithium resource. However LTR's KV is at the smaller end of these tier 1 plays.


All is IMHO only