LLL Demerger and Offer - Consolidated Thread

With the number of announcements released, its hard to follow whats going on, thought I'd start this thread.

Breakdown of LLL demerger and offer

Demerger details:

Effective Date: 31st May 2022

Record Date: 6th June 2022 (date you need to be on theregister as holding FFX shares to be eligible)

Distribution Date: 7th June 2022 - 14th June 2022 (estimatedto be 10th June 2022)

Trading Date: 16th June 2022

Number of Shares to be distributed: 843,745,158(estimated)

Share Distribution Ratio: 1 for 1.4 basis (no cost) - i.e.,Holding 140,000 FFX shares (~$, you will receive, at no cost, 100,000 LLLShares

Pro-rata Offer Details:

Record Date for offer eligibility: 5th May 2022 (nextThursday)

Open Date of Offer: 9th May 2022

Close Date: 25th May 2022

Pro-rata offer ratio: 1 for 10.33 basis at 70c - i.e.,Holding 103,300 FFX shares, you will be able to purchase 10,000 LLL shares for$7,000

FFX offer: 28.57 million shares at 70c

Total raise amount: $100 Million (max) (minimum raisewill be $50 Million)

LLL Share Details:

Total shares on issue after demerger but before offer:~1,054,700,000 (843,745,158 in the hands of FFX holders, 210,936,289 in thehands of FFX)

Total shares on issues in LLL at completion of demergerand offer: Between 1,126,100,000 and 1,197,600,000

Total Market Cap of LLL at completion of demerger andoffer: Between $788.3 Million and $838.3 Million.

Market cap of FFX? Who knows... I think Sprott had FFXvalued around $700 Million (excluding Goulamina) so at 0.9xNAV we'd be lookingat around 70c a share, so ~$730 million (which I personally believe isundervalued)

Notes:

Eligible jurisdictions - Lots, refer to point 2.27 ofthe Notice of Meeting release. For German investors you need to be a"qualified investor" or the number of shareholders is less than 150.(Similar rules for other jurisdictions)

Comments:

If we take that valuation and we use 140,000 shares inFFX as your holding (and assume the current SP is $1), then your total holdingvalue pre demerger and post (assuming no update in the pro-rata offer) will be Pre=$140,000 and post=$168,000.

In my opinion, LLL is on the way to a $2 Billion MC company (by itself, based on peers), but even now, it's at least 1.5x what theinitial listing MC will be (should be $1.2-$1.3 billion). I also think that FFX is a $1 Billion MC company. I would think that the value of any current FFX holding should be double in 3 months time.