Bell Potter initiates coverage for LKE with A$1.37 SP target, page-73

This means that if Inferred Mineral Resources are included in a life-of-mine plan to be used in an incomebased valuation, this typically results in significant discounts being applied to the assigned values for quantity
and quality of Inferred Mineral Resources, and up to a 50% reduction in the resulting amount of contained
metal or other valuable product is not uncommon. Such a reduction in the value ascribed to the potential
income derived from the extraction of Inferred Mineral Resources often comes as an unpleasant surprise to
clients, especially if their project has little or no higher-confidence Mineral Resources or Ore Reserves.