Ann: Makabingui Mining Development, page-20

Hi raffintoy,

Agreed the world is not in a very good place at the moment. Especially when the marjority are focusing on the negativity. It is highly likely that no matter what you say or do will have any effect on the marjority thinking.
The people will need to realise for themselves that it is far from doom & gloom . A challenge granted but if we are careful it may not be all bad.

On the positive side of things our Chairman return to Senegal last weekend to keep the project moving forward.
If that's not dedecation to the job I do not know what is.
He was well aware of the risks but his words were , "he had more risk of catching the virus here than over there."
Speaks volumes for his desire to get the mining project up & running as soon as it is physically possible.

He was extremely upbeat regarding the oil price as it is a very big portion of the production costs. Down more than 50% on the budgeted figure.
However we have not faired so well with the recent POG. The price is still OK .

IMO the virus should have no effect on us getting the project up & running. The mine site & production site is some 800 km from Dakar, over 100 km from the nearest town & the native people are completely self sufficient & the marjority of them have no means of transport other than foot. Talk about remote is sure is. I believe that the borders are closed also or under strict government control. With the Ebola crisis this was the case then.

I believe that with our efforts to get into production ASAP many things are happening with Bassari & the Mining Contractor LCM . You can be assured that LCM will be pushing extremely hard to get the project into production ASAP as they to will have commitments to meet with the machinery payments etc..
As announced the machinery will arrive early April 2020 & will be at the mine site ASAP if not before.

It is disappointing to see the SP where it is but we haven't faired to badly really considering . I thank those who stumped up the funds in the recent placement.Well done people appreciated.

I have today seen a list of the top 100 shareholders & I can report that that they have all stuck strong with some actually increasing their holdings . The top 100 shareholders hold 65% of the shares.

Apart from what I have said there is not much more I can add only to say I have confidence in the stock & management .

As a side note for those who have been around on this forum way back ,it appears that the Emu's have come up with the goods. You will be surprised. Don't ask as I cannot say any more .

Cheers