Ann: Full Year Statutory Accounts, page-69

Kyle the whole stock market is insanity regardless of being a spec or not. It’s all risk.

I weigh up my risks accordingly to each stock depending on all factors you mentioned and seems fundamentals are out most of the time with specs and technicals are pretty much the same on such early stage companies I work on a different risk vs reward matrix and I’ll break it down for you Kyle because I like you!

First I got in as low as I could after interest in the company and the world demand changed. I still waited for a pull back to find the base and not excitement and I’m still down as it’s moved further back than I anticipated due to the delay in news.

Secondly I looked at the lithium market and how it changed as of half 2017 and knew hard rock was going to be the preference mainly because of the stability and consistency it could deliver.

I looked at governments and countries I felt were more stable for two reasons and they are stability again and overseas investments where they felt comfortable investing in a stable country.

I read every announcement from LRS and saw they laid of field staff in the past to preserve money for development which I liked.

I know CG is your usual businessman who was good a talking sheet but could still manage to get JV’s so I know he has some skills.

LRS was the last lithium play waiting to jump like all the rest of them and if they managed to get good drill results and got a JORC, it may have not gone to 20cents due to the register but 10cents was possibly and working of the market as a whole and the asx and it’s love for mining companies LRS looked good as a whole and I didn’t feel I had to rely on CG as much as I felt the market would react to a lithium play and with specs nobody cares it’s all about BS and SP for a long time until they actually become a company.

LRS at the time had enough money to drill and despite the past I thought CG was keen to play his hand and drill and produce a JORC on their terms giving them more power in negotiating a better JV.

I was wrong their as CG seems to love JV’s and I can understand they are good and someone else funds the projects but what still doesn’t make sense to me is who is going to continue to pay his wages?

If they do strike a JV it’d have to be on much shorter terms than their First Quantum deal and drilling would have to commence almost straight away.

I think CG is aware this isn’t a couple of year play or maybe he does but I don’t think and I could be wrong is they’ll go BR.

And to answer your other question mate, nobody likes loosing money but it’s the market and sometimes you loose money. It’s the nature of the beast.

I’ve traded lots of ways and I like big positions with liquid companies and LRS fit the bill for me.

It’s that simple and I hope I don’t loose my money but I’m mentally ready if I do.

I usually jump in and cut very quick but lately I’ve changed my ways and overall I make more money this way. I loose big but win big and I win more than I loose so it’s all good.