Ann: Leo Lithium Provides Project Update, page-57

Agree, to be ~80% complete and on time and on budget when it comes to building a mine is fantastic - even more so in these circumstances - well done management.

What I'm finding intriguing though is the amount reported for customs duties and fees on imported equipment and supplies. When the company first announced in Sept23 that the Mali Govt had started imposing these customs duties and fees it also reported a figure of ~$20m with a forecast of US$45-50m by completion. I suspect this would be a very solid forecast as they would know the cost of equipment and supplies being imported and the customs and duties payable/illegally imposed on those.

Yet here we are ~80%, the big ticket items on site and this update also stating " The final deliveries of equipment and materials are in transit to site." and the reported customers and duties paid to date totaling $23m, so only a c$3m more since September 23?

"In transit" is vague and doesn't clarify if already in country and on a truck or yet to hit the border - either way - it certainly wouldn't amount to another $22 - $27m worth of duties given we're at 80% completion.

Either there has been progress made on this front with the Mali Government or it could simply be a reporting timing thing?

I'm no accountant so maybe someone with a deeper understanding of these things may have a view?