FA & General Banter, page-208

Folks,

There’s a significant increase in confidence of achieving the enhanced drilling target for KV. I believe the LTR team has 50mt already in the bag, and Dr Baker of Bridge Street Capital also said so, 50mt is in the bag. I believe all they want is achieve the 50mt, then prove Buldania, before they’ll come back to KV for any additional exploration. I think LtR wants to prove both deposits at a 50mt each, and start talking seriously with partners to develop and further increase the resource.

Why do we say they’re confident it’s in the bag? Well, did you notice the “additional drillings” difference between the 29/4 and 9/5 announcements?

In the 4/29 Ann Ltr said they’d drill an additional 6,000m. However, when they’ve confirmed the extension of the giraffic (terrific) ore body, they’ve reduced these to 2,600m- without changing the target size.

What does it mean to the SP? It depends on market response. Scenarios
- market still sleeping and will wake up, SP will increase dramatically
-market is too naive they want actual completion of drilling and jorc 50-60mt KV, sp increase
-market has priced in the 50-60mt KV and waiting for Buldania results, sp increase
-market is a bit dumb, sp to decrease

——below are excerpts of Anns mentioned ——

29/4 -
“A further 6,000m Reverse Circulation (RC) drilling is planned – drilling is being undertaken by two RC rigs and is expected to take 3-4 weeks to complete.”

9/5:
“A further 2,600m of Reverse Circulation (RC) drilling is planned with three RC rigs now operating and the program expected to take 1-2 weeks to complete.”

“The latest data supports Liontown’s previously announced increased Exploration Target of 19 – 31Mt @ 1.2 – 1.5% Li2O* (see ASX release dated 29th April 2019). This target is in addition to the maiden MRE of 21.2Mt @ 1.4% Li2O and, if successfully converted to JORC compliant Mineral Resources, could substantially extend the potential mine life.”