Yes we are very much embedded at the boring part of the cycle....

Yes we are very much embedded at the boring part of the cycle. Not yet funded, limited exploration drilling to keep retail punters enthused and as you rightly point out - conflicting market signals everywhere from lithium prices to interest rates and EV sales.

It seems clear to me that all 15 rigs (or close to it) are being used for in-fill, geo tech and sterilisation drilling (satellite images confirm this).

Unfortunately retail punters do not get excited about buying stocks which are only drilling existing JORCs - they want exploration excitement. This won’t happen for LRS until April, some notes below:

- My drill model forecasts in-fill drilling should be done by first week of April, which seems accurate because the company has been forecasting the same date in webinars. However it’s hard to know when the geotech and sterilisation drilling will be completed and this could be completed this month, leaving a few rigs to start some exploration work. Base case is that no new exploration is likely until mid April.

- Offtake announcement - I differ from you on this one. Macquarie is running both A11 and our offtake process concurrently. A11 are suggesting an outcome by April/May - so I think we could see a similar timing. In recent webinars, Mitch has been loosely suggesting offtake news around the time of the DFS. Short listed parties completed site visits to Colina last week is my understanding.

- Resource upgrade is easier to forecast. Database cut off first week of April means these assays come back ~first week May which means mid May resource upgrade is highly likely.

Really the only think that could get a short term SP pump is the outstanding Fogs East assays which should now have been received. However, lack of news is making me think that these may be modest.

So in summary, LRS isn’t the place for short term traders right now, given the lack of shorter term catalysts. But I see it as a great chance to pick up shares for those with a longer horizon. Obviously not advice.