Lulo Kimberlites Review, page-54

Lol, I needed a laugh.

As we know, the wheel turns very slowly in Angola. I think it was last year that ENDIAM sold its 10% stake in Angola’s largest private bank. I see this as one of the prepping phases for a future listing.

There was quite a bit of talk earlier this year regarding the sale of 5-10% stake in ENDIAMA. I could be wrong, but I think that the sale has been put on ice for the moment due to the current sanctions on Alrosa.

So the war in Ukraine is probably impacting on ENDIAMA’s IPO.

It gets complex, doesn’t it?

As for our long awaited kimbo stake increase, I can’t see a reason why it would be delayed. The partners have signed off and it’s now up to the government to hopefully approve and rubber stamp it.

ENDIAMA is currently a government body and it was originally formed to COMPLETELY manage the primary and secondary diamond industry in Angola.

That said, in the attempt to wipe out, or perhaps I should say reduce corruption, the president and his ministers have to stamp final approval.

At this point in time no one can put a $ value on Lulo kimberlites. Sure, we are growing L164, but at this point in time, it’s worth is only in it’s potential and it’s potential is unknown.

I’m sure you can see what I’m leading to here. I don’t think that the delay in the kimbo percentages is related to ENDIAMA’s IPO.