Ann: Quarterly Activities Report and Appendix 5B, page-2

Hidden in the small print - it is CFE belief they still possess Marampa license and over the past 9 months no progress towards resolving this has been achieved.

"During the September 2018 quarter, the Company received a letter from the Sierra Leone Ministry of Mines(MoM) informing Marampa Iron Ore (SL) Limited (Marampa SL) of the cancellation of the Marampa mining licenseML05/2014 due to non payment of fees. In September 2014, Marampa SL submitted to the MoM an applicationletter entitled “Force Majeure to all Cape Lambert Operations in Sierra Leone” which was acknowledged by theMoM. The Company understood that the agreement with the MoM was that force majeure events wereaknowledged and authorised and as such no fees would accrue or be payable until a processing facility wasoperating and Marampa SL is producing iron ore from Marampa. The Company understands that the notice ofcancellation of license letter has incorrectly been issued by the new Sierra Leone government who are not awareof the agreement. In order to protect it’s position, Marampa SL has engaged Sierra Leone based lawyers BMTLaw Chambers who has commenced legal action in the High Court of Sierra Leone against the cancellation of thelicence."

I am putting this into the bucket of token court cases in an attempt to save face but not expecting it go anywhere. Like the Timis money recoup and the London Mining recovery.

Overall - the state of the business is getting worse and worse. No progress.