Letter to Company, page-3

Synopsis of the Letter Sent to the Company

Core Issues:

• Delayed Financial Reports: The company has repeatedly delayed the release of its financial reports, citing various reasons. Shareholders are frustrated by the lack of transparency and communication regarding these delays.
• In-specie Distribution of Leo Lithium Shares: The company has promised to distribute its Leo Lithium shares to Firefinch shareholders, but the process has been slow and subject to numerous conditions. Shareholders are seeking clarity on the timeline and conditions for this distribution.
• Arbitration Notice: The company is involved in an arbitration case. Shareholders are concerned about the potential impact of this case on the company's finances and the timeline for returning capital to shareholders.
• Lack of Communication and Transparency: Shareholders are frustrated by the company's perceived lack of communication and transparency regarding key issues, such as the reasons for the financial reporting delays, the conditions for the Leo Lithium share distribution, and the status of the arbitration case.

Specific Concerns:

• Reasons for the Financial Reporting Delays: Shareholders are seeking a clear explanation for the repeated delays in the release of the financial reports.
• Timeline for the Annual General Meeting: Shareholders are seeking a revised timeline for the Annual General Meeting, where they will vote on important issues such as the sale of Morila SA and the distribution of the Leo Lithium shares.
• Conditions for the Leo Lithium Share Distribution: Shareholders are seeking clarity on the conditions for the distribution of the Leo Lithium shares, particularly the requirement for a favorable tax ruling and the resolution of the arbitration case.
• Potential Tax Liabilities: The company has flagged potential tax liabilities that could impact the amount of cash available for distribution to shareholders. Shareholders are seeking clarity on the nature and extent of these liabilities.
• Status of the Arbitration Case: Shareholders are seeking an update on the status of the arbitration case and its potential impact on the company's finances and the timeline for returning capital to shareholders.
• Communication and Transparency: Shareholders are urging the company to improve its communication and transparency regarding key issues affecting the company and its shareholders.

Overall, the letter reflects a high level of frustration and concern among shareholders regarding the company's handling of key issues. Shareholders are demanding greater transparency, communication, and a clear timeline for the return of capital and the distribution of the Leo Lithium shares.