General Discussion, page-8814

I totally disagree re: "The last time we were suspended after correspondence from the Mali Government, we came out of suspension after they announced the execution of theGanfeng US$137m deal in exchange for 5% of MLBV. Or in other words it had nothing to do with the correspondence."

On the 18th July, the company requested and was granted a Trading Halt pending an announcement in relation to correspondence from the government of Mali relating to plans to produce Direct Shipping Ore (DSO)

On the 4th September the Company announced the resumption of trading, this follows a voluntary suspension and a 2 day trading halt, as a result of correspondence with the Government of Mali.

The first bullet point, was exactly what the company requested the trading halt for .... ....
~ correspondence received from the Minister of Mines to suspend Goulamina DSO operations

IMO the Company erred on their continuous disclosure obligations? when they requested a voluntary suspension and subsequent extensions, but never included the additional correspondence on the matters / topics of the ongoing incomplete discussions, which we now know also includes;

The topics in order as they were addressed in the announcement,
1: Government engagement
~ which included the formation of the Mining Commission

2: DSO
~ the Company submitted information explaining the DSO operations, broader Lithium industry and the benefits to State of Mali from DSO sales;
** IMO, this indicates how inexperienced the new Minister of Mines is!
~ the Government continues to assess the submission and as no formal response had been received, the company had to withdraw prior guidance on 2023 & 2024 DSO production and sales.

3: Government free carry stake
~ JV partners continue to progress the standard Malian requirement of a 10% project free carry; and expect implementation prior to production

4: Government Import duties and taxes;

5: New Mining Code in Mali
~ the Company has commenced a review of the code and will advise if any impact on the project;
** there has been no mention in any announcement of the Government wanting the JV under the new mining code?

6: Firefinch Limited / Morila Gold Mine
~ Leo Lithium & Ganfeng have presented information to the Commission that conclusively shows that LLL & Ganfeng have no connection with Firefinch other than Firefinch holding in LLL with no board representation, the Goulamina licence was validly transferred, and LLL/Ganfeng were not involved with the Mine.

7: Ongoing dialogue with the Government of Mali;
~ Leo and Ganfeng continue to engage in good faith with the goverment on the above matters, the Company has a team of experienced Malian and international advisors assisting. Both Hay and Ganfeng representatives had (as at 4th September) been in Mali for meetings and discussions.

8: Ganfeng Investment and Cooperation Agreement;
This needed to be included (material) as it was confirmation of the 29 May Cooperation Agreement being finalised and executed on the 3 September.
~ it included the investment structure of the Cooperation Agreement being revised with the original Strategic Placement Agreement replaced by the Equity Investment Agreement.
~ as announced 11 December that the Conditions Precedent have been satisfied and the first of the funds received.
* It also further cemented Leo Lithiums relationship with Ganfeng .......

Finally, the lack of promoting the progress of the project.
~ IMO, this is a difficult position the Company is in whilst negotiations / good will discussions are progressing, there is no doubt the Company is progressing the project including job advertisements but I understand why they do not want to jeopardise those discussions with a blatant (middle finger salute) to the government?

cheers