General Discussion, page-3649

@luciano

To demonstrate:

LMSA owns the Goulamina Lithium Project including the permit to exploit the resource, produce concentrate and market/sell the product.

LMSA is currently 100% owned by the “JV” (MLB, owned 50:50 by Leo and Ganfeng) but eventually will be partly owned by the State of Mali as well.

Ganfeng has an offtake agreement with LMSA and will buy 100% of the Stage 1 concentrate from LMSA at the contract price, which is linked to the price of downstream lithium products with a price floor etc.

The profits earned by LMSA from the sale of the concentrate to Ganfeng can be used for capex, repayment of any loans (such as the loan organised by Ganfeng) or distributed to shareholders, being MLB and eventually the State of Mali.

Any distributions received by MLB could be retained in the JV entity for future investment in LMSA or otherwise, or paid as a dividend to its owners, Ganfeng and Leo.