Weigh all oils and butter and combine in a large stainless steel pot and melt. Add annatto seeds and stir well. Let cool to around 90 degrees Fahrenheit and then remove the annatto seeds. The oils should be a bright golden color.
Put on protective clothing such as gloves, goggles, and a charcoal mask (surgical masks are worthless). Weigh lye into a zip close bag. Weigh water in a bowl. Take lye and water outside to a location inaccessible to children and pets and pour lye into the water, stirring until fully dissolved. Let cool to around 90 degrees Fahrenheit.
11.5 ounces water, 4.7 ounces lye
Bring lye water in and when both oils and lye water are at the correct temperature, pour lye water into the oils and blend with an immersion blender on and off until light trace (it begins to thicken like pancake batter).