Ann: S&P DJI Announces March 2024 Quarterly Rebalance, page-113

Government relations is hardly a “new point” that I have introduced - it underscores this whole debacle and the spindoctoring around it. Leo has only ever dealt with one government - the coup in Mali occurred one year before Leo was even listed. Only the minister has changed. How Leo managed relations with Mali and successfully (or not) engaged with government was the first substantive issue addressed in the announcement that temporarily brought LLL out of suspension on 4 Sept and saw us plunge from $1.14, in concert with that fateful conference call. It is also purportedly a large part of the reason we’ve been diluted in the JV to GF’s advantage. Up to that point every company presentation was at pains to claim how strong the company’s relationship with the Malian government and community was. You still believe this?

I’m not going to argue on the head of a pin with you over your interpretation of my very plainly expressed views. People will assess for themselves whether they believe (and still accept) the company’s official line given to them on 18 July that it was in suspension “...in relation to correspondence from the government of Mali relating to plans to produce Direct Shipped Ore” (which later, on 27 July, became “ongoing incomplete discussions with the government of Mali on correspondence that it has received”) through until 4 Sept. People will judge for themselves whether the “correspondence” was in relation to the same discrete subject matter or over materially different/undisclosed matters, and thus will assess whether the script that Leo (either directly via 1-on-1’s, facilitated via FTI, per the ASX or courtesy of the hymn sheet others have been singing from) was selling them was acceptable, enduringly accurate, or not. Perhaps we will all know for sure once Leo can finally bring itself to adequately answer ASX’s queries like every other listed company is required to do.

I have made my own assessment, clearly and unambiguously expressed here - though not repetitively - over many months, and it’s not the fully-in-awe glowing optimism and complete faith that you seem to have (you could almost write Hay’s talking points for him). I wish it were different because I still want to make good money here. But the loss of 10% of the JV and its future value, and the failure of LLL to trade for ~17 of the past ~19 weeks, without fulsome disclosure, speaks volumes. As does the purported “financial settlement” with the Govt of Mali - for what still remains a mystery. Have you asked about this during one of your catchups?