Ann: Market Update, page-85

Further to previous post, re: letter to Company,

I recently had some correspondence with the Company and amongst all the legal jargon and complexities, my take on the current situation is:

The Board has received expert advise on the process to return assets to shareholders in the most effective way, but it requires a number of steps occurring sequentially, that includes;

~ the settlement of the Morila sale, which will allow outstanding loan balances with Morila SA to be finalised;
~ the accounts can then be also finalised, with the write-off of those loans able to be used to offset any potential tax liabilities.

Everything is being done to affect the return of assets as quickly as possible but do acknowledge it has dragged on.

The process to return assets had been well advanced until the Malian Government blocked the sale of Morila and further started making various claims against both Firefinch and Leo, which both Companies had been negotiating.

As per the announcements (FFX & LLL) the Malian government threatened to void the Goulamina permits unless there was a settlement.

No indicative timeline other than what the company has already announced but it is hurry up and wait for the Government company (Soren SA) to finalise the sale, until that happens nothing can progress.

cheers

Shakes My Head, though as Firefinch Limited is/was the largest creditor of Société des Mines de Morila (Morila SA)