Ann: Suspension from Quotation, page-190

I see two issues.

Firstly there is a DSO specific issue. I think it’s likely Mali will have to show some allegiance with the other African states but I think a compromise will be reached.

Secondly there is the report of a major revision to the 2019 mining code. This isn’t legislated but it is clear the government is in discussion with the gold miners. Other miners will follow. Goulamina will end up sharing more with the government in some form be it taxes, royalties or ownership, assuming the existing code isn’t grandfathered.

As for the comments about the Malian government wanting to ban the export of spodumene, I think those posting this rubbish severely underestimate the intelligence of the Malians. They may be seeking a better deal for Mali and some may view this as greedy but they aren’t stupid. Its hard enough funding a LiOH plant in Australia. The Malians will be well aware of the extra investment risk associated with Mali. I suspect all concerned would welcome a LiOH plant at some stage if the economics stake up but not now.

The reality is the Goulamina project will still be significantly less capital intensive compared to the Australian projects. The operating costs will be lower. The project will still be very profitable at current lithium prices. Perhaps those going on about spodumene bans can tell us how profitable Goulamina will be compared to the WA projects?