Thanks Kikker,This gives me a clearer picture (in my mind) of...

Thanks Kikker,

This gives me a clearer picture (in my mind) of how it may look like when LTR transition from Stage 1 to Stage 2 - it may differ as we get closer to production but this is what I currently envisage:



A JV will be very attractive to our potential partner as it will lower their product cost (priced paid for product less % profit from JV) albeit at shareholders' expense (missing a % of the profit) but it is likely we will have to perhaps due to IP on processing technique (?) - in any case, I hope we get a bigger share should we head into a JV for the downstream refinery.

As for the current SP; as Anatol had pointed out - taking away the cash component of circa $450m; LTR is currently valued at 76.9c by the market at this time of writing. way below LTR's intrinsic value unless... if you believe the energy transition away from fossil fuel is not going to happen.