Ann: Goulamina on Schedule Post Discussions with Mali Government, page-550

Abridged version of what’s happened:

Firefinch does the dirty on Mali - walking away from debts etc

doesn’t pass the pub test that’s for sure

Mali Govt realises it has no recourse, Firefinch is protected thru it’s company structures

Closest thing to FFX is Leo, spun out of FFX, same (initial) owners inc some FFX (ex) Board members

Don’t kill the Golden Goose, but we’ll cause some pain - DSO, Taxes etc

Ganfeng not really happy about all this

Ganfeng decide investing in Leo at 81c not real smart after what’s happening. Taking an extra 5% a better alternative

Leo - our choices are accept Ganfeng’s offer or do a Cap Raise for $100m at 48c (10% discount on Monday’s 55c SP)

Thats about 210m extra shares or 17% dilution

Outcome:

We don’t want to kill the Golden Goose

We’ll let them do limited DSO for logistics early 2024 instead of their planned Q423, let them stew for a bit first

Taxes aren’t legal, not a good look to other potential miners, not fair to Ganfeng - once we’ve caused enough pain we’ll revert to the original agreement.

In summary:

Leo screwed by Firefinch