Ann: ANS: Proposed $100m Placement & Strategic Investment in Sund, page-227

The rail and port infrastructure of US$4 billion will be 98 per cent owned by Cameroon Government. The financing may be part of ONE BELT ONE ROAD loan from China Government to Cameroon Government. So it is not a concern. Let us focus on mine development i.e., $400 million from ANS and Noteholders from the conversion of options at 0.020. The remaining financing of around $400 million could be from loans with repayments through royalty on the iron ore production.