Ann: Drilling at Ambato Complete, page-45

Excerpt from the Ann.:

The Ambato Project area is covered by 2 exploration permits (10868 and 12013). There are no joint ventures, royalties, national parks, or any known native title interests, historical sites or environmental concerns associated with the tenements or tenement areas. There is currently a moratorium over all permit approvals/ renewals in Madagascar, and as such the PR’s held by MMI have expired and are awaiting renewal. Annual administration fees (FA) have not been paid since 2012, meaning FA’s are outstanding for 2013 to the present. It is understood that the Bureau de Cadastre Minier de Madagascar (BCMM) will not grant any permit renewals prior to the 2018 Madagascar election, which is scheduled to be held in November 2018.

Have the licenses been renewed?