General discussion, page-16

Thanks for starting again Daz.

IMO investment thesis for FFX below:

Primary/Catalytic:

- Spin out. Most urgent value creation pipeline right now is providing well funded separate investment vehicles for traders and speculators to purchase into based on the commodity. This will provide some clarity around how the company is valued and as I believe, allow both to reach the multiples inline with market. Will also provide clarity on management performance.

Morila:

- Mine plan production targets being met as preparation and cutback activities are completed.
- Production expansion opportunities
- Main pit mine plan and upgraded pit shell and mine plan
- Exploration and advancement of existing and new tenements
- M&A opportunities once cashflow is full noise.
- Gold price exposure.

Goulamina:

- DFS 2.0: Upgraded DFS with new technologies and methodologies to better facilitate Ganfeng requirements as well as potential downstream improvements and products
- Construction phase completion multiple. The average SP change for mine project before and after completing a construction project is double.
- Lithium price and downstream products exposure.
- If downstream products are amenable, then a higher proportion of value is concentrated in a smaller package. Not only does this increase the premium one can demand for the product, but also reduces the opex cost for transport per unit of concentrate. Will come with a capex up-tick however.

Still very attractive meat on the bone here.