on a level playing field - yes. Goulamina is a fantastic...

on a level playing field - yes. Goulamina is a fantastic project. Absolutely no doubt about its world class status in terms of its resource size and being from surface and being one of, if not, the lowest cost spod producers (DFS).

The elephant in the room is the Mali Govt.

As has been proved , we don't really know when they might want changes such as new taxes.

Look, don't get me wrong here. I really do think that poor countries who are lucky enough to have natural resources, should be able to make the most of their resources and take advantage to some extent...BUT, we have already signed the establishment agreement under the previous mining code and Mali shot itself in the foot again by stopping the limited DSO shipments that probably would have generated a modest amount of tax for them...everyone knows that we only wanted maybe 3 DSO shipments before we start producing from our Spod plant from the middle of 2024.

ALL IMO