Ann: Leo Achieves Key Construction Milestones at Goulamina, page-58

Yeah, I don't want to rain on anyone's parade, but I went to the two FFX meetings, when everyone was stoked and high on what was happening, 200,000 ounces a year to come within a short time, all smiles, low execution risk, project buy of the century blah blah blah - at the meetings they handed out free caps, and then at the pub afterward they bought us all free drinks, everyone smiling to heaven - and then within 2 weeks the whole company is shut down after the stock price went from $1.30 to 20 cents and hasn't traded in 9 months, and all directors resigned etc.

So don't talk to me about low execution risk !!!

And don't talk about everyone feeling warm and fuzzy, and everyone gushing, or about the absolutely wonderful progress here - just come back with a smile in 2 years time when it's reached it's first year production target and made some money, ONLY then can we be confident.

ONLY THEN - because this is Mali - because this is Africa - because this is a country now (effectively) controlled by the Russian Wagner Group, the same Russian company who has 50,000 troops in Ukraine, 40,000 of which have been taken from Russian prisons and labor camps under the dubious promise of achieving some form of freedom for themselves if they fight in a Russian mercenary army. Many of these are now in Mali.

We need to become realistic here, and stop looking through rose colored glasses.

Of course, we all hope things work out with Leo, without any problems, but it's far from a "Lay-Down Misere".

Gw