Pulse Markets Webinar - Justyn Peters, page-34

Hey mate, firstly let me preface my response by saying that im not trying to twist words, or have a go, i enjoy the dialogue and not trying to prove you wrong, shut you up, or change your mind in my responses. I'm confident that you will form your own opinion independently of anything i may say, and see its healthy to challenge things, but still disagree on a number of points.

Now, i am not ignoring the points you raised. but believe our differing opinions are more fundamental then the financial issues in discussion. In your response, you indicate that I am referring to a plan B. In short, yes i am, but i dont see it as the "plan B" now. I think the entire status quo shifted with the DLEC HOA and this is the new Plan A, and in reality all previous commercialisation plans should be amenable to the emerging opportunity. This here i believe is the primary basis of our divergent opinions.

No deal is signed yet, this is still just a HOA; but you raise a good point, large engineering contracts go to tender and companies compete for the contract. Given DLEC is vested in getting this done, and recent releases/media indicates confidence (in my opinion) that it will progress. I think theyre is a greater than 50% chance they secure a deal with DLEC. Which if that occurs, i believe makes the current discussion somewhat academic, the possible scope that the Agreement could entail is ultimately outside our best guessing.

In considering you're raised points, you're not technically wrong that without funding then insolvency is the outcome. however, i assess that outcome is predicated upon a long line of "if" events which would have to unfold.. which the BoD can voluntarily switch off or postpone. ofcourse SHs would be unhappy with floating for 7 QTRs.. but the reality is that they are not floating, and would not be. Even if all S1 works ceased today, securing a JV/Equity partner/Funding/ LCEP DFS commencement/Offtake MOU/Binding Offtake could all be worked towards. So I dont think LCKs financial position is dire.. especially if a billion dollar financing facility could be announced by months end.. Im not counting my chickens yet as it isnt done. It can fall over, and SP will be adversely affected if it does; however i would only consider the situation to markedly shift for the worse if LCK actually commits to a construction/procurement agreement for S1 with costs exceeding funds currently available/accessible, and the HOA falls over.

Final point, i mentioned i wasnt surprised by the delay based upon PS/JP's comments in interview, not claiming to have a crystal ball. Anywa,y i hope i articulated my point, albeit a bit hastily.