Ok, so I have some good and positive news in relation to the...

Ok, so I have some good and positive news in relation to the Malagasy mining code.

https://www.lexpress.mg/2024/02/pge-letat-met-le-paquet-sur-les-mines.html

Base mentioned by name with a clear intention from the government.

It really feels like if the mining code is passed into law, and Base get their project approved, it could potentially open the way to AKO skipping the DFS "IF" the PFS is very compelling, the DSO MRE is about 6mt or 7mt AND we can get some sort of interest from an off take partner who may be willing to sign a binding agreement or even prepayment for a discount.

Iron ore is back up to $129/t, and we will be making a very health margin, especially with the selective mining of the richest zones first, which will help pay back the project as quickly as possible.

I am happy to say that I believe my hypothesis and estimates from a week and a bit ago of the mining code likely being approved in the next 100 days was pretty accurate.

A perfect timeline for the next 3 months would look like:
- Northern and Central zone assays - 2mt and > 64% grade would be amazing as it would help bring up the average grade across the whole of the resource
- Electro Magnetic survey coming back with a really strong magnetic anomaly that is 10kms long and average of 400m wide
- Mining code passed into law
- Base Resources project approval under the new code

I think those things announced in the next 3 months will greatly de-risk our project.

As much as I would like for Paul to start our mining licence application process (given we don't know how long the approval process would take), it is probably unlikely given there are still a number of studies that are outstanding (transport, environment, port etc etc etc).