Ann: Response to shareholder communications from Fat Tail, page-38

"The MoU not only concerns the ML itself but also critically other terms and conditions pertaining to the long term development of the project down the line, but in and of itself shouldn’t slow down our efforts to secure the ML"

Where did you get this from Lich? That doesnt really align with what the announcement says, which was that after ICSID was launched it sparked new negotiations aimed at the development of an MoU providing a pathway towards ML delivery and resolution of the arbitrations. This to me suggests this is a new MoU being considered outlining precisely what neess to be done by both sides for DRC to issue the ML and for AVZ to end its arbitrations. Nothing stated about other terms and conditions pertaining to the the long term development of the project, which you seem to have plucked from thin air. How its presented here is that its different to the MoU we were previously talking about re: SEZ etc, and aimed at resolving this current impasse.

And how is that adding an additional legalistic step, which even AVZ in the announcement says takes time due to strict protocols, would not "in and of itself slow down the efforts to secure the ML"? That's unsupported, wishful thinking. I would say that as AVZ aren't going to give up arbitrations (especially ICSID) until there's some more certainty of progress, which would probably resolve at least around resolution of their Cominiere case to provide greater legal weight to their position , that adding these provisos into an MoU would most certainly extend the timeline towards expecting delivery of an ML. Especially as AVZ will be trying to make it as watertight as possible.

Nonetheless, this is positive news IMO. Though MoUs are in some instances not worth the paper they are written on in terms of binding legality, it should provide a definitive outline of what exactly the DRC government expect in order to reissue a ML decree, that we can work towards, rather than continued 'advanced discussions' leading nowhere. That is of course if these MoU discussions reach an outcome, which apparently isn't yet certain. But having this MoU would affirm that there is indeed a pathway towards a positive outcome for AVZ, and that it doesn't resolve around waiting another 4 years or so for an ICSID award to be reached, that would likely remain unpaid similar to the award of 600m+ Dan Gertler was awarded for Dig Oil in DRC and yet was never released by authorities.