Ann: Quarterly Activities Report - December 2021, page-73

2 Avagadro:
Toliara is a world class mineral sands resource and has some useful monazite, of that I have no doubt. I am in the mineral sands/ TiO2 industry.
They have a good reputation in the industry for what they have achieved in Kenya.
It all hinges on whether they get Toliara approval, and in regards that, your guess is as good as mine.

I have noted the sp has been rock solid the last 6 months or so. Partly because of strong product prices, also the recent big dividends, some because of the resources upgrade and the monazite mention, also some interest from UK investors.
But I can't help but think some good news is dribbling out. At the AGM the project team were bullish, so maybe that is going around.

I see the World Bank visited Madagascar a week ago and met with the main man, surely Base has whispered in their ear.

Good mineral sands deposits prospects are few and far between, most have troublesome impurities like Cr, V or Ca, Mg depending on which downstream process is used, so Toliara will end up being developed, hopefully by us.