General Discussion, page-8121

Exactly, distinct companies with intertwined history, and overlapping personnel and ownership.

• Borg as longstanding (now former) Director of FFX also a Director of LLL
• Semega as longstanding (now former) Country Manager of FFX, now Country Manager and GM of LLL
• From a Mali perspective the actual entities they're directly engaging with are FFX's subsidiary (via intermediary) Morila SA, and LLL's partially owned subsidiary (via intermediary) Lithium du Mali SA (LMSA). Semega still appears to be the Chair (possibly only Board Member?) of Morila SA as well as the GM/CEO of LMSA.
• Ownership of LLL at IPO was 20% by FFX, 70.5% existing FFX shareholders under the automatic distribution, up to 9.5% existing FFX shareholders under the pro rata offer, with any shortfall of that 9.5% taken up by a mix of existing FFX shareholders and institutional investors. Now FFX sold off 2.4% of LLL to an unknown party, and there would have been some trading to new investors. But it feels reasonable speculation to suggest that FFX shareholders probably still hold a majority of LLL (though not a majority of LMSA which is really the entity in question here).

Accepting the terms of negotiations cannot be published at this stage, it baffles me that there isn't an obligation to disclose the nature of the discussions.