Ann: Investor webinar, page-11

We are looking to acquire 24% to take us to 74% ownership.

Another poster has commented months back that the final 26% would be a Black Economic Empowerment entitlement.

They clarified yesterday that this would not be a 'free ride' and that they would have to provide their share of the funding requirement etc.

I have no idea how this works in South Africa, but I can only imagine that the gov't will provide some support towards this and I hope that their portion of funding does not present any problems. I guess the DFS numbers will speak on behalf of all parties.

When I contacted CEO by email a while back, he said that for a company (VR8) to acquire more than 50% of a project, the gov't requires rigorous checks to completed to ensure that the project goes into safe hands that actually intend to and have the means to develop it, rather than have it sit idle (not good for the country's revenue).

We have been reassured yesterday that there is no foreseeable reason why it should not be granted and we expect it by Q1 2022. Just red tape we need to get through.

Also, the next 24% acquisition cost us zero dollars so win-win.