Ann: $15m raised to fund Well Test & Cabora Bassa Operations, page-417

hi DB - The issue of the PSA goes far beyond just its fiscal terms.

On multiple occasions we have been told the PSA has been just around the corner but never eventuates. So the question is why? What is the relationship between invictus and the government where this deal can’t be closed after several years with it all but being done.

in addition, any prospective cornerstone investor / farm in opportunity will know that the current fiscal terms (2% royalty) will not be the final agreement. They will not invest millions based on a hope objective, only factual agreements. Until we have large external investors we are stuck with CR’s to keep the ship afloat. This has resulted in a SP of 11.5 cents after 40+ mill sunk this year + post discovery - in my opinion a signed PSA will greatly assist a SP recovery.