Hi guys.Its been a while! The reality is that there has been...

Hi guys.

Its been a while! The reality is that there has been absolutely nothing new happening and with the way the board was going I didn't see any real point in being active. However, we are now moving forward (at last) and the board has once again become a forum for constructive feedback.....so here I go.

Like many of you, I have been very, very frustrated. As mentioned already, Alex was a precious hands on resource in Namibia and there is absolutely no doubt that his death slowed things down. Although it is perhaps scary that a company can grind to a halt because of losing one person - the reality is that with a micro cap mining exploration like MLS which operates in remote areas there is often one key person on the ground. Vince has A LOT of Namibian experience and local insight - he is a huge asset.

I did an exercise the other day - since the SP high 0f 0.064, 15% of the market cap of MLS has traded. Even assuming that each trade was an individual person (it hasn't been - the stock is a favourite amongst day traders) this is really not significant. The large holders remain - although I will concede that they couldn't really sell even if they wanted to!

Re the survey. Speaking to people that know Vince (who has experience in shareholder relations) he wont release confirmation of the survey until the plane is physically in the air. So, when our survey plane (also known as a crop duster!) is actually in flight we will know. This will be soon and data analysis to follow before Christmas. I agree with the majority view of the timeline as set out in the previous thread. So, watch this space.

Some legal insight. The Namibian Minerals Act does not allow subjectivity when it comes to renewals. As long as MLS have met the conditions of their licence, the minister "shall" renew it. A warning in advance! - the Namibian government is a bureaucracy (like all governments) and we must expect a fairly lengthy process between the application to renew and the actual renewal. This is totally normal. Once again, if MLS has met the terms of its licence the government has to renew. There is specific provision in the Act for the licence holder to carry on exploration after the renewal date to take into account that the paperwork takes time. Further, there is also no subjectivity regarding the conversion of an EPL into an actual licence. The Namibian judiciary isn't perfect but it works and I have a lot of faith in it. As such, the renewal is not something to stress about - providing of course MLS has met its conditions and they are more than professional enough to ensure they have.

I personally believe the outcome of MLS is binary. Its going to zero or many, many multiples of its current price. It will have the same pay off profile as an option. We will know soon enough I reckon - within 6 months!

I am looking forward to some news......at last!

Cheers
Obelix