Reward vs risk, page-156

Thanks for sharing this.

I think it's highly possible that LLL will have 45% ownership in Goulamina project.
Mali Government is likely to take their free carry 10% next year, but for their option to acquire another 10% at market price, that is very unlikely to happen from my understand. If exercised, Malia government will have to pay at the market value for the 10% probably by offsetting tax credits which will reduce taxes as a result increasing cash flow to LLL as considerations. So if modelling at Mali government taking additional 10% at market price, then free cash flow should increase accordingly.

Cheers.
All imo.