Ann: Notice of Annual General Meeting/Proxy Form, page-189

https://www.journaldumali.com/2023/01/24/or-de-morila-cherche-repreneur/

Two years after its recovery, the Morila mine lost its main shareholder.The company Firefinch announced to the board of directors, on November 2, 2022, its inability to continue the financing of the development activities of the Société des Mines d'Or de Morila SA.Bad news for society workers, who hope for appropriate measures for the continuity of activities and the safeguarding of their jobs.Acquired from Barrick Gold and Anglogold Ashanti, the Morila gold mine has started a revitalization process that could not be completed in the face of several constraints.The sanctions of ECOWAS and UEMOA against Mali, the increase in the cost of fuel and other essential elements, such as the non -extension of the establishment agreement, are the difficulties invoked by the company.Added to this are the difficulties of lifting funds to ensure investments, according to Mr. Seydou Séméga, representative country of the Malian subsidiary of Firefinch.In a real heart cry, factory officials invited the authorities to support the mine in order to preserve the 2,100 jobs.They ask, among other things, the abandonment of the recovery procedures in progress for the years 2017, 2018 and 2019. It is in the direction of the continuation of the activities that the company has engaged, in agreement with the management."The new investment process is going well because many parties have expressed interest and should make their proposals in the coming weeks," said Séméga.A withdrawal procedure which must be validated by the State.Develop resourcesIn the meantime, and to respond to certain statements accusing him of having withdrawn with the quantity of gold corresponding to the amount of his investments, Mr. Séméga specifies that the process of extraction of large mines is under the strict control of the'State and that no company has the latitude to act in an unconventional manner."Firefinch has a claim of more than 60 billion CFA francs in Morila, corresponding to the inter-compact investment costs.However, Firefinch said it was ready to cancel this claim insofar as this would allow the new buyer to fully enjoy the development opportunities of Morila. "Séméga adds that gold produces the last two years has just made it possible to maintain the minimum operational level, without dealing with operational expenses.This withdrawal has no impact on the activities of Firefinch, which intervenes on other segments in Mali.It acquired 17% of Leo Lithium shares, an investor with Gafend Lithium from the Goulamina lithium mine, in the development phase.The ministry of mines did not react to our requests.