Mali politics again, page-241

A few comments/observations.

Just as many of us like to spruik the merits of FFX (myself included) which helps confirm our belief in the company and it's future, there are those that have sold, probably feel a bit naked (FOMO), and post to justify their position. We've got the rose coloured glasses on, they've got blinkers on.

One thing about Simon Hay's interview was his positivity. He's even planning alternative routes to sell their product, which won't happen for 2 years, but he's planning for it. At one stage he says he enjoys the challenge of operating in Africa with all the obstacles he needs to work around. And that's what they do - they have plan B's and keep the show on the road. Probably easier than working with the Greenies.

No way in the World will FFX not have a plan B, C or D for various scenarios. The Board & Management has a wealth of experience working in Africa, they know how to get things done.

The press out of Mali seems to be more & more positive with respect to a compromise. If we've ordered a load of Distillate or CIL chemicals, we may have paid a little more in transport via a non preferred route. A drop in the ocean compared with the hit to our Market Capitalisation. Other than that zero affect on FFX.

It has no affect on Goulamina at all - unless it isn't resolved by EOY. By then there would have been so much human suffering/death caused by the sanctions - so it just won't happen. In the mean time, work at Goulamina continues unaffected.

Simon said the demerger schedule was "tracking well" and they had "nearly completed" the restructuring of assets & entities. That will allow the transfer of the mining license, release of moneys from escrow etc. IMO that will give the SP a good kick.

Then shortly after that, the prospectus, notice of meeting, entitlement offer etc. The clock will then be ticking down, as anyone who wants to own LLL shares will need to buy FFX to get the entitlement + in-specie distribution. Again all very positive for the SP. The demerger was first announced a year ago on Feb 9th '21. IMO many organisations wanting to hold Leo (but not the Gold side) just lost a bit of interest because of the drawn out timetable. Once the Prospectus is issued they'll have something concrete to work on.

As it's "tracking well" given the SH meeting needs 28 days notice, we can expect the Short Form Prospectus & notice of meeting very soon.