Ann: Recapitalisation package, page-88

$1 for Morila plus all liabilities and obligations (deferred royalties might cover some of it). Magnificent gift to the Govt and people of Mali. Dannika can pump out an ESG report, and tweet endless photos of the handover ceremony to Ministers, dressed in full African regalia.

Just when you thought the board couldn’t do any worse than sell an investment we paid $20m for, just a few weeks earlier, for $12.9m net and they go and propose this grand dilution. A proposal that reduces the value to current FFX shareholders of the remaining LLL investment from ~12.5c to ~4.3c per FFX share held and probably sliding lower now too as a result of the general destabilisation. All the while ensuring any future share of gold profits (haha) will be reduced nearly threefold due to the dilution. What a class act this ‘saw-nothing-heard-nothing-did-nothing’ mob and their spindoctors and enablers turned out to be.