LRS General Discussion, page-17818

The company has definitely moved from explorer to developer which changes the name of the game in terms of priority and which activities provide bang for buck. I can see how it can be difficult for investors to change mindset as a company moves through this process because it's easy to become used to new discoveries and tonnage upgrades (but it's crucial).

Back in 2022 and 2023, pretty much all of the shareholder value came from just drilling and making discoveries and adding to tonnage.

But now the activities that will provide the most benefit to our market cap (IMO) are:

- Providing catalysts on time and on budget (market wants to take confidence in the project)
- Obtaining permits (obviously)
- Establishing a mining reserve close to 55MT (Sigma used 55MT for their original DFS)
- Securing infrastructure (roads, water, energy, people)
- Proving the product (Offtake ANN with prepayment + Met Test work)
- Funding the remaining Capex (Debt funding + equity)

New tonnage would be welocomed, but the market wants a path to production with the existing Colina deposit first and foremost.