Ann: Quarterly Activities Report - June 2023, page-3

"Engagement with the Government of Madagascar on Toliara Project fiscal terms, and lifting of the project’s on-ground suspension, has been limited during the quarter due to the Government focus on an overhaul of the Malagasy Mining Code and preparations for the upcoming Presidential elections. While the Company remains committed to developing the world class project and is ready to progress, until the Mining Code reform is finalised, and the elections scheduled for late 2023 have concluded, the Company does not expect to achieve material progress in securing fiscal terms or lifting of the project’s on-ground suspension."

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