Ann: Goulamina on Schedule Post Discussions with Mali Government, page-185

Good transparency in the announcement and the Q&A webinar.

I've been disappointed that recent announcements have in my mind been very incomplete (this is about far more than DSO as suspected) and that it has felt we've had to put pressure on FFX to find out information that both companies in my view had a duty to disclose sooner.

But I am extremely pleased by the way they've come out transparently on reopen and their ability to handle the Q&A from the Instos. The confidence and professionalism was very high.

I still have concerns about sovereign risk, location risk, contagion from FFX, the shift to minority partner, and a potential CR risk especially from the loss of DSO and new duties (noting the confidence from the preso they won't need to).

But with all that said I just picked up some more at 60c. Ganfeng are happy to chip in at a value that is effectively $1.58/LLL share and see upside beyond that, and while their risk profile here is different I suspect that alone may fuel a short-term rebound from instos.