Ann: Board Restructure and Cost Savings, page-146

From the Chairman's letter in the annual report, two (2) weeks ago.

"Our focus is on our flagship, the world class Goulamina Lithium Project in Mali, West Africa."

"We have just concluded a drilling program at Goulamina that was focused on simple targets that would lead to a material upgrade to both Resources and Reserves at Goulamina."

"A major achievement has been to utilise the Lithium development experience the company now has to address the quality of product and lithium recovery that has so troubled recent lithium startups. We have built on the hard-won experience of the emerging Western Australian lithium industry to deliver high recoveries matching any peer and best quality, low impurity spodumene concentrate, our saleable product." I believe this to be a direct reference to Chris's development experience with Pilbara Minerals, critical to Mali Lithium, and highly valued by Mali Lithium and the Chairman.

So now they get rid of Chris, which is a big error IMHO.

Or perhaps, Chris resigned. I think it's only fair that the board should inform the shareholders honestly of why Chris is leaving, and who initiated it.

"There is no doubt in my mind that Lithium is a commodity of the future and the downturn we are currently experiencing is only a temporary one. With a world class asset and the team to deliver it to market I believe our Company is in an ideal position to ride the impending Lithium boom."

CEO Profile

"Mr Evans is an experienced project delivery and operational management expert who was most recently the Chief Operating Officer of Altura Mining where he was responsible for all aspects of project development, construction and bringing into operation the Pilgangoora Lithium Mine.

During Mr Evans’ tenure Altura progressed from exploration to production and export, expanding from a handful of employees to over one hundred as well as utilising a large contracting workforce. Mr Evans was also involved in establishing and maintaining key relationships in relation to project financing and off-take partners.

Mr Evans has a Bachelor of Engineering Degree with Honours and a Master of Engineering Science in Construction Management from the University of New South Wales. He has almost twenty years of demonstrated success in managing teams in diverse localities and projects."

Note that Chris has a Master's in Construction Management, and so what are Mali Lithium planning to do, Yes .... "Construct" a mine. It's absolutely foolish to let someone with these skills leave right now.

I will make one comment regarding gold though. MLL should have been exploring for more gold quite vigorously over the past 2 years, imagine how much better off the company might have been if it now had 500,000 to 1 million ounces of gold indicated. And there's a whopping great big under used gold processing plant right on their doorstep, so what an opportunity. I don't see any reason why a company cannot devote itself equally to Lithium and Gold, both at the same time.

1for1 probably summed it up correctly, and with a little humour in his post above - " ... Definitely the most frustrating stock i have ever owned just because the potential has never been realised, and obviously we seem to attract boof heads with little intellect raking in the cash but with very poor results for shareholders ... ". Say no more !

I wonder if Mr Borg is buying or selling.

It will be really interesting over the next week to view any changes to the top 20 shareholders list.

It is also my experience, quite often, to find a captial raising announced the week before the release of a DFS. And if the share price is 4 cents, then they'd be lucky to get a capital raising away at 3.5 cents, which probably explains some of the selling today, now down 15%. The VWAP is probably trying to be brought down. And yet, I would have thought they'd still have about $2 million in cash.

And the chief financial officer receives a salary and super at $270,000 a year, not much less than Chris. Mr Hughes also received a one off retention payment of $20,000 to join the group. Total remuneration for Mr Hepburn was almost $300,000.

Cowden 2,500,000 shares
Chris Evans 375,000 shares
Hepburn 750,000 shares
O'Brien 137,500 shares
Borg 10,750,000 shares

Gw