There it is right there: 35% is on the table. Ganfeng will not...

There it is right there: 35% is on the table. Ganfeng will not push back… their interest is product… Goulamina is low cost so increased payments will not phase them, it’s all profit.

the original relationship was 40/40/20… even after the further acquisition they only had 50/30/20.
Ganfeng now move now to have 65/35. They come out a long way ahead with 100% of the 1mtpa+ sc6 produced.

Number crunch:
Ganfeng 39%
Mali gov 35%
LLL 26%

26% x (us$65m x every 5% held)
approx us$338m which is close enough to the Actual payment of us$342m. Ganfeng has not given us this at a discount, the have paid us at the post 35% gov ownership rate.

so I guess the question is, if we get away from this with no liabilities for LLL or FFX and us$472m, is it a better spot to be in than 26%? That evaluation leaves us at a may 2024 Goulamina project value of us$1.815b… that’s probably not that far off at todays lithium value and pre production/ ramp up / unproven transport line. Whilst not much, this also removes us from the $40m Ganfeng loan for free and the future debts re expansion.

obviously if the lithium price doubles along the way this would further amplfiy the “deal of the century” Ganfeng has got.

26% in a country where the gov hates us and has a larger ownership stake than us + FFX liabilities or walk away with aid $700m…. Perhaps could be worse…