Hi all. Copying and pasting didn't feel right, so reworking and...

Hi all. Copying and pasting didn't feel right, so reworking and abbreviating my thoughts, touching only on the most important ones:

I was very heartened by the difference in language between the Lepidico Update on 2 September and our QR released on 31 October. The Lepidico Update informed that we had exclusively engaged Jefferies to financially advise on “maximising the value of the Karibib Lithium Project.” Whilst the Update gave examples of the “wide breadth of deal structures” to be considered, our September quarterly report specifically called the Jefferies outreach “Karibib strategic partner process” in both the second and sixth bullet points on page 1. Great to read that “engagement with multiple parties is based on a collaborative development approach.”

The next page of our quarterly under Finance elaborates: "Engagement by Lepidico and Jefferies is ongoing with multiple groups for both securing of finance and strategic partnership. Several indicative non-binding proposals for bridge finance have been received."

Encouraging details such as “alternative debt funding solutions may be desirable based on the capabilities of a strategic partner,” an intended doubling of flotation plant output, “demand for lepidolite remains strong” by SMM, and alternative chemical plant locations that may “prove to be preferable to prospective strategic partners” all speak to Lepidico in the near-term being in a position to benefit from Jeffries’ encouraging initial results.

I referred to our share register as “strong” yesterday, because my recent Automic visit revealed:

• All Top 20 holders of recent years are still with us, sitting just beneath the Top 20 list (having been pushed down by others’ accumulation), with the sole exception of Clickable Publishing.
• Moreover, all Top 20 shareholders (excluding for the moment nominee accounts) have either increased or maintained their holdings, some quite substantially. Not counting Entitlement Offer participation:

1. Dr Mohammadreza Niazi held 24.3m shares on 22 August 2024, when I visited Automic. A month later, he’s shown to hold 41.8m shares in our 2024 AR, an increase of 17.5m shares.
2. As of our 2024 AR, Finclear Services held 64.3m, up 1.4m in one month. Finclear previously appeared on our register as Superhero Securities with 45.6m shares in Sep 2023 and 37.5m in Sep 2022, a 71.5% increase in 2 years.

• Our Top 20 list makes up 28.57% of our register.
• In addition to our Top 20, four shareholders (discernible on Automic’s alphabetised ledger) would be on the list if their various holdings were combined, including our Managing Director, Joe Walsh. These four hold roughly between 40m-60m.
• Sitting beneath the Top 20, we have 24 shareholders/entities who hold between 20m-40m shares. Combined with the aforementioned 4 shareholders, they make up 10% of our register.
• 56 shareholders hold between 10m-20m shares, 8% of our register.
• Approximately 60 shareholders hold between 5m-10m shares, totalling a further 9%.
• The above ~164 shareholders hold 56% of our register.
• Our nominee accounts have substantially increased during the past 3 years, more than doubling in size. We can see the BEOT are active by their bots/algorithms, unmarketable parcels, our opening and closing auctions, and changes to our market depth, with large orders disappearing then reappearing daily. My one “snapshot” view of our register revealed that all 4 of our large nominee accounts increased/decreased their holdings proportionately by the time our AR was released one month later, e.g., BNP (Clearstream) was up 38m, whilst HSBC was down 37m. Interesting, as retail investors/traders often hear of tactics possibly used by institutions to maintain a company's share price.

When formatting the above, sections scrambled and even disappeared, so I'll post this now and add a second post shortly.