Your Options To Acquire Lrs Shares At $0.012 Per Share Expire On 31 December 2022

We are writing to you as a registered holder of options (ASX: LRSOC) in LRS (exercisable at $0.012 on or before 31 December 2022) (Options) to remind you that your Options will expire at 5:00pm (AWST) on 31 December 2022.

There is no obligation on Option holders to exercise their Options. However, under paragraph 6.1 of Appendix 6A of the Australian Securities Exchange (ASX) Listing Rules, the Company is required to advise Option holders of the information contained in this notice.

Your Option holding may be exercised in whole or in part in the manner described below by no later than 5:00pm (AWST) on 31 December 2022. Any Options not validly exercised by that time will lapse and all rights under those Options will cease at that time.

The courses of action available to you as a holder of these soon to expire Options are:

a) Exercise your Options.
b) Sell your Options. Quotation of the Options will cease at the close of trading on 23 December 2022.
c) Do nothing (i.e. allow your Options to expire). If you do not exercise or sell your Options they will expire at 5:00pm (AWST) on 31 December 2022 and your right to subscribe for ordinary shares in LRS at an exercise price of $0.012 per share will lapse.

If you wish to exercise your Options you must complete your personalised “Option Expiry Notice” form accompanying this letter and forward it together with payment of $0.012 per Option in accordance with the instructions on the notice. Your completed notice and payment (in clear funds) must be received by no later than 5:00pm (AWST) on 31 December 2022.

Alternatively, you can pay by making a BPAY payment, using the customer reference number shown on your Option Expiry Notice. Option holders who wish to pay by BPAY do not need to return their Option Expiry Notice but must ensure that payment is received by no later than 5:00pm (AWST) on 31 December 2022. You should be aware that your own financial institution may implement earlier cut- off times with regard to electronic payment, and you should therefore take this into consideration when making payment. It is your responsibility to ensure that funds submitted through BPAY are received by no later than 5:00pm (AWST) on 31 December 2022.

If you have not received a personalised Option Expiry Notice, or if you have any queries on how to complete the notice, please contact the Company on (08) 6117 4798.

Technical information required by ASX Listing Rules

In accordance with the ASX Listing Rules, we advise the following:

a) The name of the Option holder, the number of Options held and the number of fully paid ordinary shares in LRS to be issued on the conversion of the Options, are contained on the enclosed personalised “Option Expiry Notice”.
b) The market sale price of fully paid ordinary shares in LRS on ASX was $0.12 on 25 November 2022, being the last trading day prior to the date of this notice.
c) During the three (3) months preceding the date of this notice:

a. the highest market sale price of fully paid ordinary shares in LRS on ASX was $0.145 on 23 November 2022; and
b. the lowest market sale price of fully paid ordinary shares in LRS on ASX was $0.091 on 03 October 2022.

d) As at the date of this notice there is no underwriting agreement in place for the exercise of the Options.

The Directors of the Company thank you for your continued support. If you have any queries or questions in relation to the details of the Options or the Company in general, you should contact the Company on (08) 6117 4798 or consult your financial advisor.

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