LRS chart, page-7237

Thanks mate appreciate it. I don't see too much jumping out at me from the data. May was obviously a better month with instos buying and retail selling.

Not too much happening in June - retail were both the largest buyer and the largest seller (CBA and CMC) and most other brokers had no significant net positions.

I assume most holders of LRS are now waiting for an offtake ANN and/or DFS for guidance on the trajectory for the rest of 2024.

If a prepayment comes in anywhere near $100m as part of the offtake, this is almost a guarantee (IMO) that we are going to be on our way to production (the remainder $ will very easily be met by debt finance and equity raise IMO) - there is already precedent with Sigma securing debt lines through Brazil Development Bank and I expect our cost structure will be very similar to Sigma's.