Ann: Goulamina on Schedule Post Discussions with Mali Government, page-330

Fear. Good old Fear. So many lemmings getting out today because they are scared of their own shadows and extrapolating worst case scenarios.

DSO - has not been completely ruled out and they may still find a way to get it back on where the Mail government take a slice.

Import Duties and Taxes- Strong chance that common sense and the correct legal interpretation of the tax rules will come into play and we are not paying the amounts stipulated. It may end up being a small amount if any.

New Mining Rules- won’t apply in whole to us as there are existing contractual arrangements that link it to the old system as it is not a new permit/development. They reiterated this several times during the call today.

Different JV mix with Gangfen. - I don’t see this as an issue. Having them as slight majority party should benefit the whole
company. Also as Simon mentioned there are several flow on effects such as downstreaming, locking in offtakes and other projects that we will benefit from. The security of having them along side us is the big benefit. Things should run smoother in Mali.

All in all - was expecting a pull back due to the catching up we had to do but did not expect this kind of fall.

In 6 -9 months there will be many of you who will look back at this moment as a should have bought more.

Longer term we will be well past ATHs. Just an annoying set back. Was in for long haul anyway so will wait to either collect dividends when we are producing wads of free cash flow or see the cash used to generate more cash.