Hey GuysLikewise I couldn't hang around as I was late for...

Hey Guys

Likewise I couldn't hang around as I was late for another meeting, so shame we didn't get to meet/chat.

Have been to a lot of AGMs over the years where there's only one or two people, so good to see some interest. Had a few questions lined up but these were answered during the pres or asked by others, so just sat back and enjoyed the show!

My impression is that the Board is being fairly conservative in terms of pumping the hype laeding into the drill program. Some will say this is a good thing, but I think you need to be somewhere in the middle so a bit more PR would be good. I suspect Pattos will have a role to play in this regard and building market interest. There was a six month delay getting through native title, so I suspect this is why they have been pretty quiet - no point talking up the story when you are months away from drilling.

McDonalds Well area sounds promising with drill targets ready to go based on VTEM targets coincident with geochem anomalies. Interesting to note that previous regional exploration was focused largely on gold, with little work done looking for copper (wonder how many passed over the SFR discovery). Some past work by WMC has aided in target identification, including rock chips up to 4,100ppm copper. MD noted that mineralisation in the region is structurally controlled. The VTEM/geochem targets sit along/adjacent to a number of structures in the tenement area. They are high quality targets. MD is also open minded to style of deposits - not just VMS but also IOCG, which will please the likes of John435.

Got the impression that the MD was pretty excited about the targets. Planning to drill a couple of RC holes into each between 100m and 250m depth, which may expand based on visual assessment of the samples produced. Just waiting for a final sign-off on heritage clearances before drilling starts. I don't see any issue with not having lined up a drilling contractor. Its common practice to "piggyback" on others drilling in a region - will save a lot of the mobe/demobe cost of going it alone. Its only a short program so should be able to slot in with some of the other Sandfire wannabes.

Some interesting points re the placement. Pattos wanted to get in cheaper (no surprise) so in the end 9.5c was a good price at the time some months out from drilling. Pattos are planning an east cost roadshow targeting specific broking houses just prior to drilling starting (likely in a few weeks). All part of the plan to build the share price and market hype. Says to me that Pattos may not just pump the share price and sell into it - not good for future business if they are telling other brokers to buy when they are dumping.

I think the recent trading will put a floor on the share price, which consolidated during the week around 16c. From here it will likley build into the roadshow/drilling commencing. Pattos obviously realised the potential and low cost entry into LSR, the cheapest of the SFR wannabes (still very low market cap compared to peers). Hence they went for a straight placement rather than a rights issue or SPP. Wanted all those shares for their clients!

Interesting few weeks ahead. Almost a perfect geological and corporate set-up to build from.