I believe we need to get around 6-10yrs (12-20Mt) of DSO at...

I believe we need to get around 6-10yrs (12-20Mt) of DSO at Bekisopa. I think that will greatly de-risk the stand alone project.

Satrokala opens up a lot of potential for a JV/Scale. I'm undecided if a JV with a major is the optimal approach. Yes, it would greatly de risk the project and make financing a guarantee, but we would be giving a lot of the company away.

Is that worth it in the long term when I believe this project would be an ideal investment for the World Bank?

The World Bank continues to state they are wanting to get involved in projects in developing countries that target decarbonisation. From the top of my head, I believe they already had terms that Madagascar had to approve the mining code to get a 200m payment.

This also ties in with the additional infrastructure we require, which a large chunk of our CAPEX is likely to be. If one project can establish a new/upgraded port and rural roads. It really ticks so many boxes which they're trying to achieve.

I'm not sure many other financial institutions would be willing to take the jurisdictional risk. Would that mean additional studies? I presume it depends how confident they're and risk appetite they have.

Once the Scoping Study is release I will be asking Paul have we been in discussions with the World Bank. I believe the earlier we start discussions the better so a clear road map of requirements can be formed. Any finance is going to take significant time.

I believe a clear direction and communication from BOD will be well received by shareholders. With the increase in market cap additional finance options arise.