Member Info for Laverda

That is absolutely brilliant footage of the construction, captures the huge amount of work and scale of the mine.

31st of this month.

The agreement reached between Kodal, KMUK, Suay Chin and Hainan provides that the original agreement between Suay Chin and Kodal relating to the proposed offtake agreement and Right of First Refusal signed on 7 May 2017, will be terminated for a total termination fee of US$14 million payable by KMUK in two instalments:

· US$7 million to be paid within 10 business days of the signing of an offtake agreement between KMUK and Hainan (as approved by Kodal Minerals as KMUK shareholder);

· US$7 million to be paid within 10 days of the first shipment of spodumene concentrate from the Bougouni Lithium Project, or on 31 October 2024, whichever date is earlier.

Shipment not production

Roger, I think that the payment to Suay Chin is the earlier of production or a late date this month, I will see if I can find it.

Roger I don't think it is as simple as people think.

The code changed the press gave out simple headline percentages and some companies who have to pay restrospective tax have cried foul.

However I would say if those gold companies thought that the 2019 mining code was not retrospectively applied why did they start running ore to other sites?

I think it is as Bernard said in the last meeting they are considering moving onto the 2023 code.

It will take Bernard to inform us afterwards but I am convinced it will be around the production figures and rules.

We originally submitted a mine with around 220,000 tonnes production, then put a change notification in which we altered to a phased development notification reducing initial tonnage to DMS of 125,000 tonnes increasing with flotation to over 300,000 tonnes.

As the main drive of the 2019 and 2023 mining codes is to get production relevant to licences issued, the phased development submission on a 2019 code may be less favourable.

He may be able to split the two plants, I don't know.

The offtake with floor price could be pivotal in his decision. If below a certain floor he may go for the part 2023 code if above maybe not.

I would not concern myself about either as the offtake should be agreed last days of this month, early next.

That is my view we will only know afterwards.

Stever, it shows how long a new competitor will take to come online too.

And I thought it was American prisoners orange overalls.

Nobby listen to the AGM video.

Everyone seems negative when it comes to Africa. I am negative about the consultancy companies in Africa, the mining code updates seem logical to me and the African countries are working in the main together not in isolation.

Hope you are feeling better soon Elcobble.

Horult - agree re markets and many investors sit on the sidelines and try and get some of the gain when it happens, they can't take the heat of the kitchen.

The timeframe is perception only and fuelled by the timeline issued by companies, on such a big build as this timelines are important as a target for management and budget.

In reality they are very rough guidelines only. The stupidest things can create delays.

Our first ship taking a humanitarian detour is probably the best example we could use - who can plan for that!

I think our two most important assets at this stage are Bernard and Steve. Steve has done this so many times he will have solutions galore for most if not all scenarios, he has even built a lithium mine before, so few will have done that.

Bernard being a geologist is a huge benefit with a CEO, analysis of the earth, rock, crystals and impurities communicated accurately to Steve and the plant fabricators are paramount, it will be as close as plug and play as you can get with a mine.

I don't know of another company which has that ability.

Excellent George some people find their 'expert' and simply invest a little in each of what they say.

The health rating is the best about that listing.

It will happen even the dumbest journalists will spot it soon.

Many will have to eat humble pie.

The Basher, where it all falls over however is that offshore financial benefits cannot work without being recognised in the non offshore countries.

Everything said by politicians sabre rattling is complete tosh. They could change their tax regulation and it ends as far as that particular country is concerned.

However offshore is needed and valuable for business so will be unlikely to end.

Jolly I always find it amazing that a small farmer can plant something in the ground wait for almost a year to grow and be sure they will have the market to sell in, no matter what happens with currencies because of the city enabling the market.

Medium size companies can borrow huge amounts of money and through hedging can ensure they can repay the debt if interest rates rise.

The contrast between the complexity of the city enabling the simplest of businesses to exist.

PortfolioPower, those were the days.

I remember them.

You don't realise how long ago it was until someone like Accionista asks where you read something.

Jolly, lol, slight over reaction, the City of London as in the financial centre we should be proud of, it is a global phenomenon.

Just mind blowing to get your head around.

Very necessary in today's world.

Roger, I disagree with your overview of the mining codes.

All the codes make perfect sense when you read them and the overview and reasoning behind them from the mining consultants in Mali.

Companies then pay consultants to find hopefully legal ways to minimise taxes

The government then challenges the companies and plugs the holes with a new mining code.

The only difference in Africa is the countries won't waste years and hundreds of millions in courts from outside their country, which of course massive mining companies would like as they can delay for years and potentially win on technicalities.

However the basics are simple look at the new legislation, adopt it in the spirit it was intended or stick your neck out.

Looking at the sums involved you can see why the big companies stick their necks out.

Https://www.bnnbloomberg.ca/business/2024/09/30/barrick-says-it-reaches-deal-with-mali-after-reports-staff-were-detained/

This was the result from the audit following the 2019 mining code.

PS if the media are correct and Barrick is looking at tax avoidance of 300m to 500m dollars, imagine how much ore etc must have been trundling around Mali since the 2019 mining code was released and imagine how many mining office staff it would take to try and clarify if all/the majority is being paid.

It could, but I am not expecting it.

Nothing is stopping us constructing, we have no production to sell until probably January to share with the government.

The mining office has its hands full at the moment with big dealings with Ganfeng and allegedly Barrick, bigger fish to fry than us I feel - but I could be wrong.

Was it one of the board members on here who had to sell to pay their tax bill?

Can't remember if it was this or another share?