Ann: 121 Conference Presentation, page-9

What I read into this, is a reaffirmation on the current and projected ownership structure. There is no mention of Zinjin Mining Co.

However, it does outline that Cominiere still own 25%, that 10% of their 25% ownership will transfer to the DRC government at the time the mining license is awarded.

I ask, is this the reason for the delay of mining license - because if they ceded 15% ownership to Zinjin mining prior to Mining Licensing award, it then creates a conflict in which all remaining Cominiere ownership (10%) had been promised to both the DRC government but also with AVZ promised right of refusal of 15% ownership from Cominere?

I am suggesting here, that the ML has not been awarded at this time because in doing so it would set off a chain of events for which would potentially place AVZ and the DRC government head to head each with a claim to take the 10% Cominiere ownership remaining. It appears the Cominiere ownership of Manono has already been sliced, and it needs to be made clear that Cominiere has not ceded any rights prior to ML issuance.