LRS General Discussion, page-17810

This isn’t an exploration drill program as Dawg alluded to; it was a drill program to increase confidence in the resource and bring it up to a higher JORC classification. De-risking the resource, whilst not as “exciting” as exploration drilling, is fundamental to the DFS and advancement of the project.

Whilst it’s likely that the resource may only grow by a few million tonnes, what I am keen to see is if there is an improvement in the strip ratio. Given TG stated that the high strip was a product of drill spacing in the oxide layer, I’m hopeful that we will see a good result. If so, a deposit that already has excellent economics becomes significantly better.

I am resigned to the fact that news will likely result in a a short term sell off, given the history of LRS’s announcements regarding the advancement of the resource. People just don’t seem to understand that this type of programming is critical if we want to see production in 2026.