AKO General Discussion, page-609

Just looking at progress in the mining code from recent online releases. Seems like steady progress being made in an area that is clearly a priority for Malagasy Govt. Looking forward to the implementation decree being finalised.


Malagasy Govt (18 April Facebook update)

• The Ministry of Mines organized series of consultations with stakeholders in all regions of Madagascar during the process of reforming the Mining Code and opted for the same consultative approach regarding the development of the Decree implementing the Mining Code
• An update of the various stakeholders in the extractive sector, organized by the Ministry which took place at the Mining Business Center Ivato, on April 12, 2024, relating to thefinalization of the draft decree implementing the new Mining Code, the senior responsible within the ministerial department, as well as those of the attached organizations, led by Minister RAKOTOMALALA Herindrainy Olivier are currently continuing the project.
• In this context, they look at the additions and improvements suggested by the participants on the draft decree implementing the Mining Code during said consultation.The next step is the submission of the draft decree implementing the Mining Code, to the Government Council

An update on 12 April about this consultation included this line - “…the development of the Decree implementing the Mining Code is one of the priority actions for the first 100 days of the implementing of the General State Policy.”


Base Resources (30 April, ASX quarterly)
Toliara Project

• Engagement on Toliara Project fiscal terms and lifting of the project’s on-ground suspension was reinitiated after President Rajoelina formed his new government in January.
• Substantial progress was made towards agreeing the fiscal terms for the Toliara Project, with the Government indicating that finalising terms and launching the project is a priority.

Energy Fuels (21 April, acquisition announcement of Base)
Although the Toliara project holds a mining permit that allows production of Ilmenite, Rutile and Zircon, development at the Project was suspended by the Government of Madagascar pending negotiation of fiscal terms applying to the Project.

With the recent adoption of a new Mining Code in Madagascar and Base Resources and the Government of Madagascar making sound progress on fiscal terms negotiations, the Company believes the suspension will be lifted, and required legal and fiscal stability achieved, during 2024.