PLL General Discussion, page-2134

From the recent Atlantic investor presentation there were a bunch of unexpected costs that Atlantic were incurring. Its incredibly likely that for one or several of these Piedmont had a difference of opinion as to whether they were a cost they should be sharing or what the correct percentage to share was.

For example there are a heap of legal and other costs in listing on an exchange. Atlantic plan to list on the Ghanian stock exchange. I'm guessing that part of that $1.2m is Atlantic asking Piedmont for a share of these proposed listing costs.

• Atlantic is arguing that they need a listing within 5 years so this imminent listing is a JV cost as that is meeting a condition of the mining licence.
• Piedmont is saying how you structure your corporate exchange listings is your own cost. We will deal with listing the project when in production.
• Result - unpaid "development" expenditure.

Piedmont may also be realising that they would need to pay this listing cost twice if Atlantic is taken over by Assore. If Assore takes over Atlantic, there are no Atlantic shares on a Ghanian exchange so the ML condition is not met. Piedmont and Assore would need to reincur costs to meet the ML listing criteria.