Ann: Quarterly Activities Report, page-21

Lots of talk about time lines and no off take deals and no money and so on.

I see few thinking on why.

It all follows a series of events easily traceable. In imprecise terms, trench and drill accessible land, ripper results, DFS done, Tanz Gov go ape ship, access to land granted, more drilling trenching, ML, more great results, more data, need to update DFS, finance offered under unfavourable terms and rejected, working on new DFS, talking to offtskes and other finance, to be continued.....

In a nut shell loads of you are complaining about having a bad finance offer rejected and a resource increase of 41%. Yes it has caused another delay but imaging the demanding of blood if a crap funding deal was done without doing an updated DFS. There would be cries all around that they should have done a new DFS with the new data to produce better numbers to get a better funding deal!

If land access was way back with the rest of the land the new data would have been in current DFS but it didn’t happen. If finance offer was reasonable it would have been taken up. To say management are failing is misguided imo. They are doing all they can with what they have at each stage with circumstances beyond their control. They have not been perfect but that’s another story.

I would not expect to see off take Ann or funding Ann until a new DFS is released. Happy to get one but not counting on it. The numbers in the DFS are important for both offtake and finance partners. Anyone signing a binding agreement for product want to know when, how many TPA, mine life and so on. Finance wants to know the same and then how much it will cost to get to production and payback numbers.

The saying if it’s not written down it doesn’t exist is relevant here especially for finance, without the new DSF Lindi as it stands now doesn’t exist.

I believed the current DFS was a compelling read and did in fact attract a funding offer. I am all for the new DFS which shall exceed the old one in all aspects of the project for the better and happy to sit and wait it out