General discussion, page-3128

There has been a lot of talk about the demerger and I'm probably the main offender.
The reality is, the demerger will occur, so it's when not If.

Getting back to the big picture, there was a lot of information In Doc Mike's interview on the investor ch annel
I've summarised what I considered the main points below

- Should access 1st ore from Morila next Q

- Organic growth & once cash flows are flowing to acquire additional assets

- Simon in Mali atm

- Lycopodium who have assisted us in all the study work, are almost certain to be the EPC contractor

(Engineering, Procurement & Construction)

- Expect full blown construction to start there (Goulamina) next Q

- Demerger timetable hopefully will be clarified in the very near term

- One final step to transfer the license

- Listed hopefully by end of next Q

- Morila open to West, North & East

- Morila a proper mine, built to last by 2 majors

- Goulamina Resource + Reserve top 5 of the undeveloped projects,

and is open at depth & along strike, we believe there is some low hanging fruit that could add 30-40% to the resource base

- Ganfeng - their narrative all along has been how quickly can we build it, how big can we build it

- SP6 spot price over $5000/t now, don’t expect to get that, but based on $1250/900 payback period was 8 months,

this project isn’t even remotely sensitive to capital

- Our shareholders stand to experience a real value realisation.

- Downstream opportunities absolutely, but lets get this up & running 1st

- I’m confident Ganfeng will be very much open to expanding its horizonsinto downstream processing

Mali better positioned to supply the European market

- On the brink of the final steps re demerger

- ML needs PM sign off - hopeful that’s imminent

- Once the record date has passed, there’ll be a clear timeline to Leo’s listing, hopefully by end of next Q

- Companies that produce what Leo will, are multi billion dollar companies

- Companies that produce 200k oz of Gold are billion dollar companies, and we’re looking to grow beyond that.