Seals, that is correct. The only thing certain in life is death...

Seals, that is correct. The only thing certain in life is death and taxes. And when you are wheeling and dealing in Africa, expect the unexpected.

Strategically, Tembo is very important. Firstly, did they not advise to STA that they would provide a USD debt facility for project construction? Secondly, they also have an option to increase their holding under the creep provisions if and when the time comes to raise capital. Thirdly, the market has attributed very little NPV across all our projects by way of market cap and I’d say that we are at risk of an opportunistic takeover. In this event, would the swing vote not come from Tembo’s camp?

I believe that the next few months are going to define the company. I think if financing is successful, we will see a re-rate and new institutional support. The top 20 already own 70% so it should make for a very interesting story.