LRS General Discussion, page-10286

Plenty to read there.....
KEY TAKEAWAYS AFTER A QUICK FLICK-THROUGH.....

SUMMARY: THIS IS LARGER AND MORE FEASIBLE THAT WE THOUGHT

This would yield project valuation of around:
• NPV10 : ~US$1.9bn or A$2.7bn.
• Per LRS share: US$0.89 or A$1.27
• (see appendix for Project Scenario model)


Key conclusions from site are:
• Colina West is a breakthrough with implications for the whole of project approach. The priority is chasing
Colina West pegmatites to the west where they approach surface cover (up dip but won’t see daylight).
• Forming into one single deposit. Colina and Colina West now looked at as one “open pitable” deposit.
• Project potential of critical scale. Theoretical production scenarios suggest larger scale (500kt/yr
concentrate output > Sigma Phase 1 ~275kt/yr), and 2026 is the first feasible fast track production
timeline.
• Drilling remains the focus rather than rushing into sub optimal scale production studies and early offtake.
• Latin is the landholder. Project site farmland has been purchased by Latin providing ease of access.
• Location and infrastructure almost ideal with key highway access 20km from site (already has hundreds
of trucks per day), site consists of farmland and bush vegetation, plentiful cheap grid power and water
resources (local significant dam) nearby.
• Development area. The region is development hungry as outlined to us by the local mayor. A full scale
project would provide much opportunity for the local community.
• ESG compliant. Latin has established its ESG credentials with strong community engagement and
support, carbon friendly power sources and a strengthening governance structure.