Ann: Introducing Leo Lithium - The Next Global Lithium Producer, page-57

You’re correct: it looks like Leo Lithium and Ganfeng will each own 40% of Goulamia (assuming the Mali gov takes up their 20%). Ganfeng is paying US$130m for its 40% share = A$176m. Adding to that the value of the debt funding and offtake agreement, let’s call it A$200m now, but a 40% share could well be worth double that (ie $400m) by the time Leo is listed - in which case A$20m for 5% of Leo is realistic.

Obviously depends on how many Leo shares are to be issued, but 400m shares valued at $1 sounds reasonable - 304m distributed to FFX shareholders, 76m held by FFX and 20m offered in the IPO. We’ll see in March 2022…

Cheers