LRS General Discussion, page-4198

1		CATYLST HUNTER FYI. Current Lithium prices Our exploration investment Latin Resources (ASX: LRS) is currently in the middle of a diamond drilling program at its hard rock lithium project in Brazil. With the lithium price up from ~US,000 per tonne at the start of 2021 to now trade at an all-time high price of US,000 per tonne - an incredible 700%+ surge - it appears that LRS has picked the right time to go drilling for lithium. LRS currently has a M market cap and continues to show impressive visuals of spodumene - a mineral from which lithium can be extracted. LRS’ lithium project is located in a good region - right near TSX listed Sigma Lithium which trades at a CAD.4 billion market cap. We think a re-rate could be on the cards, should it successfully lodge a JORC resource by the end of the year - our number one key objective for LRS this year. Obviously, the caveat here is that we haven't seen LRS’ assays yet and so it's too early to confirm whether or not LRS has made a discovery. Today LRS announced that it had found what could prove to be lithium - specifically LRS intersected 16.2m of spodumene bearing pegmatites 180m along strike to the south of its last intercept. At the same time LRS confirmed that down dip extensions had been intercepted from its first intercept with a peak intercept of 9m. Further down, we compare LRS’ early stage results to other hard rock lithium heavyweights - Pilbara Minerals and Sigma Lithium, and try to understand how close LRS might be to a discovery. Earlier this week LRS also outlined its funding plan to continue drilling, which is something we were waiting to see. LRS isn't new to the lithium space though having held its Brazilian lithium project way back when the lithium price was in the doldrums. LRS has spent the last 3 or so years preparing for this drilling program and now looks like it may be about to announce a new discovery - pending assays of course. Importantly, today LRS confirmed that all three drill holes have intersected Spodumene crystals - known to have one of the highest lithium contents of all known minerals. Below is an image of the drill collars that make up that 16m, starting from a depth of 62m and down to ~86m.