FA & General Banter, page-9546

Fellow Shareholders.

There have been voices raised within the sectorlamenting concern about a possible EV revolution setback. This supposedly is due in part to the Corona epidemic but mostly because of the drop in oil price. The argument is that petrol will be so cheap that nobody will switch over to an electric vehicle. I believe what we see is actually the natural order of things when a change is taking place and that we shouldn’t worry. Now in our case the drop in LTR’s share price is all about sentiment (fear) and furthermore on a global scale. Not lithium, not even mining, the whole world’s economy is being smashed. It would be rather hard not to be temporarily tarred by the same brush in such company.

There are however blessings to be counted.

I believe one blessing is the delay in the DFSand subsequently the postponed “shovel in the ground” date. These two things have added to our already impressive list of accomplishments but could - in this case - be regarded as bloody good luck! First of all: the DFC was delayed because of the corona virus JUST as we started hitting pay dirt on a grand scale. Secondly: ones your launch something of the magnitude as a mine the last thing you want is disruptions or somebody applying the hand break all together.

Imagen if we started up the mine just beforethe Corona virus hit. What delays, costs and other problems wouldn’t we be in for! The dwindling money in our bank account would suffer greatly and anybody sniffing around LTR would instantly have more leverage towards their price argument - a price NOT likely to be in our favour I can guarantee.

LTR is also at this point made up of rather few people. A fully committed mining operation with hundreds of staff would have been so much more disturbed by the current pandemic.

Furthermore.

Whereas sentiment has spooked the world economyI don’t think the same can be said about the direction we were heading inbefore the virus hit.I recall Beijing in the months leading up to the Olympics 2008. Suddenly China had the world’s spotlight on them and the atrocious air quality was condemned by the participants. China did then what China does best - they brought the hammer down - and clear skies was to bee seen over Beijing within a few months for the first time since the start of the industrial revolution. Well… that stuck. People took notice. The frog was out of the pot and would not go back in once the frog had realised that there was a better life to be had. China has since then lead the revolution in EV’s and only recently has the world been catching up.

In our current situation 2020 and because ofthe world wide shutdown the big difference in air quality over the world’sbiggest cities brought about over a measly three week period has likewise notgone unnoticed. People will learn to love their fresh air. They will demand it! The first one to crank up a diesel truck after the lock down is over and spew out a cloud of black exhaust will probably be lynched!

There are hundred of millions of frogs fresh out of their pots around the world and they will refuse to go back in, now that they can see - and smell- the difference.

Lithium is therefore is about to become miningroyalty and LTR its King.

Best regards