Opps got that wrong - Birimian, Mali Lithium and the Firefinch -...

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Clymene

18 Posts.

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26/07/23

12:03

Post #: 68988447
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Originally posted by Clymene: ↑

You are absolutely correct about the NSR's

The original NSR came about pre Morila acquisition.

This NSR arose from a "stranded" gold discovery (N'tola and I think Viper). eg too small to justify its own plant.

An agreement was struck with Morila to mine and process the ore from this/these discovery/ies as they had completed mining from main morila pit and had capacity.

Birimian later renamed Mali Lithium , then Leo Lithium purchased the prospect from a local business man, the purchase agreement contained a NSR for any future production (refer old Annual reports). Effectively Leo Lithium gets a shares a margin of any profit from mining activities on these permits. Im not sure if the businessman had an interest in both or just one pit.

In respect of "Koting", this falls outside of Morila licenses and is owned wholly by Leo lithium subsidiary in Mali. I haven't seen any details (and haven't looked too closely) for this arrangement in Annual Report for Morila to mine and process ore for this prospect, but under Malian law there are two mechanisms but both need careful documentation to enable mining to take place (need to ensure govt interest in underlying produced gold is preserved). I imagine that the mining of "Koting" followed a similar model to Ntola and Viper.

So if structured correctly, and our beloved Chairman Mr Brett Fraser is doing his job he would be all over this as it could be dealt separately from the Morila mine itself, if these pits have not already been consumed - Koting was a reasonable grade and from memory intended to assist to get grade up when Morila was restarted.....but I don't have clarity on remaining resources/status at current point in time.

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Opps got that wrong - Birimian, Mali Lithium and the Firefinch - not Leo Lithium

FFX Price at posting: 20.0¢ Sentiment: None Disclosure: Held
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0 Great analysis

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Opps got that wrong - Birimian, Mali Lithium and the Firefinch -...

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