AKO General Discussion, page-46

Just generally, on the risk of delays to permit renewal, I presume you have seen the following conclusion from the solicitor's tenement report in Akora's prospectus?:

"All of the Relevant Companies’ Exploration Permits are currently subject to, and under
application for, renewal as at the Prospectus Date. According to the Application Decree to
the Mining Code, the Ministry of Mines should make a decision within 30 business days
from the date of submission of the renewal request at the BCMM. At the current time, this
timeframe is not being respected. However, the Solicitors Tenement Report states that
Malagasy administrative law provides that where a private party has complied with its
obligations in good faith and the state (in this case the BCMM and Ministry of Mines) is
found wanting, the private party may rely on its existing rights and there is an assumption
that these will continue to subsist in the absence of justified refusal."

You seem quite agitated by an issue that Akora's legal advisor - John W Ffooks - considered in its engagement. Nonetheless, JWF concluded Akora's tenements are in good standing. You can see JWF's credentials below, they are clearly somewhat experienced in Malagasy law.

Of course there is sovereign risk, but AKO's at $13m market cap, not $130m.... barely above shell value, so I would argue that its almost all been priced in. Perfect for a potentially highly lucrative risk/reward play from here. Finish off Bekisopa drilling and prove up Satrokala, and AKO could reasonably have over a billion tonnes of iron ore in the ground.



"John W Ffooks & Co is the only international law firm in Francophone Africa offering combined Napoleonic and English law expertise, making us the obvious choice as your local counsel for transactions in French speaking, sub-Saharan Africa. Our international and multilingual legal team, comprised of 5 partners and 28 lawyers across 17 countries in Africa, allows us to provide on-the-ground local law advice that other firms are unable to match."

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