General Discussion, page-8799

The last time we were suspended after correspondence from the Mali Government, we came out of suspension after they announced the execution of theGanfeng US$137m deal in exchange for 5% of MLBV. Or in other words it had nothing to do with the correspondence.

Who is to say this time will be any different. I doubt they’d sell another 5% - they have no need.

Whether we like it or not, we own 45% of MLBV because it was spun out of Firefinch. Yes different Board (except BB) but mostly the same shareholders, the Mali Government sees us as a subsidiary of FFX. FFX did the dirty on Mali contractors etc, so the Mali Government holds Leo responsible. From Ganfeng’s point of view, they are caught in the middle of this and just maybe after all this time negotiating they can see no way going forward while Leo is involved. Ganfeng have a lot riding on this with an expensive purpose built Hydroxide plant ready to take our SP6.

Shareholders are already offering to sell their shares at ridiculous prices, M&A is rife in the Lithium sector, if Leo’s involvement causes such a stench in Government circles, maybe the only way forward is for Ganfeng or someone else to buy out Leo.

I think the majority of shareholders would be very happy to receive say 70c, the Board & management would still get their performance shares, Simon & his team would most likely be offered to stay on and manage the project. FIRB might be a problem?

Interestingly management have done nothing to promote the project while in suspension, fairly old pictures in the Activities report, no new updates/pictures, the Reserve upgrade although done has not been released (I assumed to save it for when we relist - but maybe not). Yesterdays Ganfeng funds announcement being material needed to be announced.

So just maybe once again, this suspension has nothing to do with the correspondence received.