Ann: Project Update, page-6

Perfect - this is great imo

On 22 Dec 2020 when this was announced, the SP actually went down 11%.

Many I have spoken to thought this was an opportunistic farm out approach by a 3rd party. IVZ said they received a non-binding offer for farm-in. The SP was 5-6c at the time.

Since then, Recon Africa has made that huge discovery & our SP is closer to 20c.

The balance of power has significantly shifted (by way of farm-in negotiations) from counterparties, back to IVZ.

Given IVZ now has significantly more bargaining power, they are in the box seat to secure a MUCH BETTER deal for shareholders.

IVZ walked away, this is very clear from the ann given this quote "Invictus was unable to satisfactorily complete the required transaction due diligence on the counterparty and the parties have ceased discussions"

Sure, some who don't see it this way may sell this on open, but imo longer term, in to the seismic & drill, imo this is a much better outcome for IVZ shareholders.