Ann: Annual Report to shareholders, page-38

If you buy options with the intention of trading for a profit then there is always risk. For those looking to exercise the options in July 2019, there is no doubt the fully-paids will be worth more than 55 cents in the not too distant future. Lithium investment sentiment could turn before mid-2019 and additional positive announcements could lift the LPI price. Price momentum should start to build in 2019 as all the major pre-development decisions will be made and the future of Codelco should be sorted. I try and avoid discussion about this issue as some investors have gone in heavily on the oppies and I hope for their sake it all pans out for them.

In terms of your lithium peer market cap comparison. So what if our lithium hopeful peers have got a market caps of between $180 million to $250 million. What that means is there is a lot less upside with them than there is for LPI. We have a tight register, many of the other lithium hopefuls dont. Many of those market caps have been built on retail market hype, NOT institutional backing. Consider the current situation fortuitous as LPI is bloody cheap and buying at current prices is a blessing.

Consider this, the LPI PEA showed the Maricunga NPV at 25K BG LCE production was just over US$2 billion and fully diluted LPI will have 330 million shares. One of those $250 million market cap peers you mention has nearly a billion shares on issue with potential for further dilution and will be lucky to produce a project NPV of US$350 million. Which horse do you want to be on, us or them? Which company has greater potential price upside?

There are too many things to like about LPI and Maricunga to be glass half empty. Obviously there are some things the LPI Board and management could be doing better, but that is pretty much the same with every company. I am very comfortable with how Martin Borda and MSB CEO Cristobal Garcia-Huidobro are progressing things in Chile.

Your animosity towards Martin Holland is ill-directed. OK Martin made a couple of mistakes in some people's eyes, but those were far outweighed by his astute establishment of LPI and his securing a majority shareholding in Maricunga. The nearology of the WA assets is also very impressive. Time to put the Martin Holland bashathon to bed - it achieves nothing. He still holds 20 million LPI and is a very enthusiastic supporter of the company.