Ann: Trading Halt, page-214

Hi Leezy

I would like to offer some alternative strategies.

But first of all: The statement made on 2n of December was not forced. They could have simply not responded. They did make the statement with the clear intention to mislead investors in to thinking there would be no cash raise. This is a serious breach of trust.

Ok onto the Capex alternatives:

1: Debt!
The world is awash with cash and debt is widely available. Since they currently have a large cash balance and are soon to be profitable from the gold mining there is also no rush to take on this debt immediately (so no interest would have to be paid for some time to come). This is admittedly possibly hard to get under favorable conditions in Africa but I wonder to what extend it actually has been considered. It is certainly an alternative!

2: Cash raise at a later time.
They currently have plenty of cash to keep operating for quite some time I would think.
Do the spin off of LLL, start showing the (hopefully good) gold results of the immense back log of drill cores soon the processed by the on site lab and become profitable with increased gold recoveries. The share price of FFX should hold up well based on these facts and therefore the CR should lead to much less dilution over the two (gold and lithium) businesses.

3: Organic growth.
They are currently producing gold. They have significant cash on hand to continue ramping up production well into profitability. Once profitable just keep reinvesting the cash... If the gold price moves up (we might get lucky) it might work out very well with little hold up.

So yes there are plenty of viable alternatives to raising $100M now.