Letter to shareholders, page-49

I should add..

Its underwhelming as their assertions about the handling of the placement at the start of the year have been argued against strongly by Terrain Capital.

The proposed directors are overall not qualified to perform the role the current directors are.

And there was no vision for how these directors will help the company in the future.

The issue for me is about looking forwards. After all, what will propel the SP is the continued execution of the business plan and this includes managing the test work, completion of the DFS, Nigerian stakeholder management, offtake agreement execution, and raising significant debt and/or equity project finance.

This is what is up for the board of directors and senior management of this firm and IMO there is little doubt that the current board are much more equipped to do this than the proposed management structure (which doesnt even include a CEO to ensure delivery of my list of items).

At the same time this action has resulted in the withdrawal of the most significant third party financial interest in the companys history.

So yes, underwhelming is an understatement and all stakeholders would benefit from a removal of the resolutions and allowing the current board and management to continue advancing the project and executing the business plan.