General Discussion, page-9511

It’s also a matter of trust. At around 48:59 in the video where he says “...I struggle now with any conviction to see a pathway to how the market is going to recognise and be wiling to pay for that full freight, full value for a business in Mali” probably sums up best the share price battle ahead.

I think that anything Leo says coming out of suspension to assure us that outstanding issues are resolved (i.e. all unknowns are known & fixed) is still going to be treated with wider market scepticism. I don’t doubt that Hay still holds some sway, but Leo overall does look pretty neutered now. The company’s repeated statements (via formal market announcements up to this point, and via one-on-ones with individual investors & analysts, some of which was informally disseminated here) that the state of government relations was excellent has imo proved to be an untrue assessment of the real state of play. Otherwise our partner wouldn’t have taken the primary lead managing this in exchange for more equity (imo, that’s what the real cost of dilution was). I seriously question who Leo has been taking its advice from - i.e. Malian expertise as distinct from “African” experience - because so far Perth has been completely out of step with the junta’s thinking about this project all the way along, proving now to have come at great cost to investors.

Imo we must hope for the best but prepare for something that could be less so, the longer Mali (very deliberately) drags the chain.