Ann: FY21 Full Year Results, page-11

Toliara has a lot of pre-work done and the resource fundamentals are excellent, so action will be swift when it comes. It is a 'when not if' project. To think that is going to be distracted by 'other opportunities' is to devalue an obviously competent mgt team. Their statements re govt engagement are supportive of an appropriately optimistic outlook in the 'near term'. For an African country typical decision-making process, that should happen this year on the fundamentals, but could easily trickle into next, because that is how they roll.

When agreement comes, as it will, that will generate a flurry of activity. A proper kick-off mid 2022 looks probable from here, with first production mid-2023. Because, right now, we are not seeing this, and haven't for quite some time when we reasonably expected to prior, is to understate the significance of what is occurring in Madagascar and Africa more generally at the moment. They are realising they need all the help they can muster in these difficult times, and that sentiment is going to start leaking out all over the place soon, here particularly. It is about to get 'interesting'...