Actually, I lied. A11 Atlantic Lithium is worth looking at as a...

Actually, I lied. A11 Atlantic Lithium is worth looking at as a comparison for LRS. LRS trades lower than A11 - LRS is currently capped $490m and A11 capped at $641m (on a 100% equivalent ownership basis) - (A11 only owns 40% of the project so the $256m market cap needs to be adjusted to compare on a 100% ownership basis). A11 already trades at 43% of it's DFS NPV while LRS only trades at a very small 14% of it's PEA NPV.

In LRS' favour
LRS has double A11's JORC + Has a $3.6bn NPV versus $1.5bn NPV for A11 + lower indicated AISC + has 100% of it's product uncommitted + owns 100% of its project (A11 owns 40%), Minas Gerais Royalty = 2% versus Ghana Royalty = 10%, Brazil > Ghana as a mining jurisdiction

In A11's favour
A11 has PLL as a strategic partner (LRS doesn't have any partners as yet), has already partially funded it's Capex, has already published a DFS, and from memory they are planning first production in the back half of 2025,(before LRS)

Comparable

Both waiting on permits (due late 2024 for both) + Both are at the pointy end of an offtake process where both companies have suggested they're looking for up $100m prepayment + Both appear to be lower future low cost producers, both are not in 'conventional' jurisdictions,

	Company	LRS	A11
1	Country	Brazil	Ghana
2	Status	Study & Permit	Study & Permit
3	Mine/Deposit	Colina	Ewoyaa
4	Mine Type	Open pit	Open pit
5	Type	Hard Rock	Hard Rock
6	Funded?	No	Partial
7	Licences, Permits, Approvals	No Enviro Approval Q3 Development Approval Q3 2024	No Enviro and ML due Q4 2024 24th March - 'Enviro permitting mid 2024'
8	FID	Dec-24	"Investment decision in 2025" - PLL
9	DMS and/or Float?	DMS Only	DMS Only - First stage Flotation proposal - Second stage
10	Offtake Details	100% uncommitted	Offtake # 1 - PLL 50% of annual SC6 production to PLL (182,500tpa) PLL to provide a total of $128m Offtake # 2 - TBC May 2024 (details below from webinar) Offtake for remaining 50% 182,500tpa looking for $70-$100m prepayment Stage 1 complete Stage 2 underway (Feb 24) ETA March Final negotiations March/April Finalisation by end of April
11	Developer output guidance (t)	405,000	365,000
12	Project Ownership (%)	100%	40.5% (A11) (40.5% PLL) (13% Govt) 6% MIIF
13	Royalty	2%	10%
14	SOI	2,796,369,463	649,669,053
15	Market Cap (Undilluted) AUD $	490,598,000	256,619,000
16	Valuation @ 100% project ownership	-	641,547,500
17	JORC (MT)	77	35.3
18	Grade (%)	1.27%	1.25%
19	Market Cap / JORC Tonnage ($ per MT)	6,371,403	18,174,150
20	Market Cap / Project NPV (% of NPV)	14%	43%
21	Market Cap / Annual output ($ of market cap per tonne of output)	1211	1758
22	After tax NPV ($)	3,600,000,000	1,500,000,000
23	IRR	132%	105%
24	Mostrecent study C1 USD ($/t)	506	377
25	Most recent study AISC ($/t)	560	610
26	CAPEX to First Prod ($)	250,000,000	185,000,000
27	Unfunded Capex ($)	250,000,000	TBC
28	Producer Guidance (t)	Not Applicable - developer	Not Applicable
29	JORC	Dec-23	Jan-20
30	PEA	Jun-24	Jan-21
31	DFS	û	Aug-23
32	Permit	û	û
33	Construction	û	û
34	Time to Produce	24 nonths	15 months
35	Produce	Jul-26	Oct-25