Reply from Anthony

Spoke to Anthony... Dont think he understood my question about the takeover, i was moreso getting at the chance that Bushveld would come back with another offer....


1. Lemur has a strong cash balance of ~$15 million which it intends to use for acquiring new assets in Africa, what type of assets are we looking to acquire? We have stated in the past that we are looking at assets that are close to or already in production. We have been quite far down the road with 2 assets in particular, but decided not to pull the trigger due to concerns that we found were not adequately addressed. We have the luxury of being patient in a tough market as there are a lot of distressed assets out there and the pickings are only going to get better in our view. This will be an important area to watch in the coming months for the company.
2. Given that we are trading below cash-backing, are you concerned that we are a potential takeover target? Particularly considering Bushveld previously offered 9.9cps? I am not concerned that we will be a takeover target as Bushveld are already the controlling shareholders and it would be difficult to push them below 51% in my view, so any advances would need their buy in. The possibility does exist that Bushveld gets taken over potentially, but I am still unsure as to how that would affect Lemur in any significant way.
3. If a takeover is a threat, how is Lemur going to defends itself from this offer? Particularly if a potential suitor is acquiring less than 5% under multiple accounts. As mentioned above, we would need the buy in here from the major shareholder and I cant see them accepting anything at this stage.
4. Do you think Lemur would benefit from paying a reputable broker to issue a research report on Lemur to promote interest in the market so hopefully the shareprice can atleast trade at/above Lemur's cash backing level of ~7.5cps. Yes, we have engaged with various brokers to initiate research but we have asked them to hold back until the IPP license has been successfully negotiated with the Government in Madagascar, as that is a key milestone that we are working towards. We will have some research out by the end of the year either way though.
5. If Lemur is unable to find suitable assets to acquire, is there the potential for a special dividend to be paid to existing shareholders in the next 3-6 months? There is no need for a special dividend in the short to medium term, we are very comfortable that we are sitting in a prized position in the Junior mining space at present (ie, we have money) and would look to leverage this position as much as possible to get all our shareholders a superior return on that money.