Big difference between AVZ, FFX & Leo. AVZ was always going to...

Big difference between AVZ, FFX & Leo. AVZ was always going to have issues getting to production with a messy ownership chain, not to mention the transport logistics. FFX demise was by incompetence by Australian management/Board.

Fact of the matter is the Mali Govt or more to the point the Mali people were ripped off by FFX who took over the responsibility of mine closure etc etc only to walk away. Goulamina was owned by FFX who spun it out into Leo so of course the Govt will have Leo in its sights.

But money talks, The Govt wants part ownership revenues, Ganfeng need Goulamina's ore for their purpose built hydroxide plant, so I'm sure there will be a settlement.

The main thing is construction is on schedule and on budget. At the moment Goulamina is owned 55/45 by GF & Leo (or will be when the 5% sale is fully drawn down). The extra 5% we're selling GF doesn't happen till there's a settlement. The Govt doesn't even have 10% at the moment so there is incentive for them to settle as well before they start making profits.

Even at current prices this project will be making good money, it is very low cost, wide seams with very low strip ratios, cheap labour, low debt and a team with solid lithium experience not to mention Ganfeng's expertise.