Ann: Quarterly Activities Report, page-80

"LT holders are still here because we invested before it was even mentioned. For me ceramics and hpa followed by nanotechnology will be cashcows." Absolutely correct. HPA is the big sleeper. Nano going to take time. They are in that horrible period when you dont know what should really come first. Most of my other mineral/metals tell me you need mining licence before you get to BOA and consequently committed funding. And you cant get viable de-risked funding until you get some meaningful BOA. We need that ML. But they say ML will come some time later in year. Once we get ML everything fits into place. BOOM! Covid has been a significant challenge.

I hate to say we got some ongoing uncontrollable issues happening at wrong time. At the end of last year there were amendments to the SA Mining Act resulting substantial changes to land access arrangements - significant regulatory reform. My well informed/connected SA mate tells me indep MPs and opposition have combined to pass a private members bill to establish a parliamentary select committee enquiry into land access for mining and petroleum. We dont know the exact timing of this. I have found out from another investment industry body SACOME is on to it saying its totally unnecessary as increased reporting, compliance and engagement measures for operators have happened thru the revisions to the Mining Act. So god knows what the implications are - even after you get the ML approved! Just more and more bloody hoops to jump thru. RioTinto have a lot to answer for.

I am sure JM is on to this and response has been incorporated into the ML submission. It was amazingly detailed. I know there has been lots of engagement happening. Even flying around landowners in flash looking expensive to hire helicopters!

Maybe there are some local SA punters who have more direct knowledge.