Member Info for Laverda

Personally I think Bougouni will be sold within 6 months, we may plan to retain Nielle or Fatou Goldfield for income to cover Kodals ongoing board overheads and provide a little income, then we will march forward developing and selling sites with our working capital.

Bernard always said that they saw themselves exploring.

Once the mine is producing and there is a resource upgrade their job is done.

Then they have full control of everything until sale.

PS 65% of the value each truck to port.

MWilt not a question I asked, it will be limited by the size and draft at that port. The Port details or current ships (bulk) may give an indication.

However Bernard said that they are paid at the port, so once they are sure of quality I took that to be each truck to the stockpile, not each truck on the ship.

Come on Kodal get them made for the next meeting.

What a team we have - incredible and almost unheard of in the industry.

Some of the optimisation already completed and shifts going on 24/7.

Thank you Acker.

Same as Elcobble I hope fortune changes for you guys.

However Chaplin you capture well the difference in the government holdings.

All are preferential, there are some differences regarding dilution, some communicate that the free carry only cannot be diluted one other that none of the government holdings can be diluted. In reality they are not likely to be anyhow, but there is a difference in wording.

Chaplin read again 'There is a further condition: the Malian state has 12 months from the date of issue of the operating licence to purchase the additional 20%'

A good reason in here why the licence may not be released until just before production as the government has 12 months to purchase an additional share from the issue of the licence. Had they issued the licence late 2023 the government would have had to decide whether to buy in or not without knowing if the mine was potentially viable.

https://minesactu.info/en/2023/08/31/malis-new-mining-code-the-states-free-stake-in-the-capital-of-mining-companies-remains-at-10/

Accionista, funnily enough I assumed the same as you, that they could purchase additional 'free carry stake' but after reading two of the companies which analyse these codes that part is not clear. However neither of them say that the purchased stakes are free carry.

That would be a bonus to us if they were not.

Yes Accionista going right back they were referring to Bougouni in fact a particular vein.

Yes Accionista, I thought they meant the gold to maiden?

George, once we start moving material down towards the docks we need it, other than samples. So I would imagine we could do one complete shipment as a sample.

I don't see the licence as an issue until after production has run a while. Remember there is first production then optimization which will involve stop and starting the plant as adjustments are made.

But the government does not earn money until there is regular exports too, so no reason to not prioritise the licence.

Rotter, just days/weeks from production with everything from management going to plan and under budget why would anyone worry until someone tells us there is something to concern ourselves about?

This is the smoothest move from explorer to miner that I have ever witnessed or read about.

The others are absolute horror shows.

The only thing I disagreed about was in 2022 not fundraising and keeping Nielle progressing very slowly. However if it had gone to maiden it may have been sold and another asset bought - so possibly better this way.

What other costs? Don't invent things which do not exist. We all just can wait for the first lithium to fly off the last conveyor. Then optimization begins.

Rotter second payment is not until late March.

If we aren't producing before then, we have bigger issues.

Best putting things in order of priority. Like working in a lion enclosure but worrying about the monkeys in the following enclosure. They aren't a threat until we get there. If eaten by lions - monkey worries all gone.

All we have to do is sit and wait for production - very boring but that is where we are at.

Payment is made 65% at the docks - so very good cash flow once producing and straight down the main road. Certainly not the case in most African mining explorer's first transportation.

Ivenoidea, I thought you read the info.

14th Nov just one example of drill results. Under budget therefore under 65m dollars.

Just read the news flow and watch the videos.

The decent returns are already there

Not really sure what your argument is, explorer to producer is and will be a good return.

The returns after that are much less risk, production payments and Nielle sale Fatou development.

Nielle may pay our share of the flotation who knows?

Bernard will take each stage plan forward and make a decision.

If Fatou may be decent he could about turn and sell Bougouni, develop Fatou to sell and have Nielle as a steady income provider - the plant has to work and produce first.

Ivenoidea, Leo are not a good example they are gone. Plus they missed the opportunity of a DMS plant and they could have produced when lithium prices were high.

We are not over ramped as we our market cap is under 1.5 times our net assets.

Once the mine is built and operating those net assets are revalued.

The drilling is happening the funds are there and different people can summise different reasons why they are holding back on releasing the updated resource figures.

I think it is simply as Bernard says they looked for resource to feed the DMS then switched to resource for the flotation plant.

The priority was not an increased jorc figure, it will follow.

The plant completion is going well until we are told otherwise.

The wet season is months off.

I would be more worried if I was invested in something with a market cap 23 times net assets. One of the shares promoted on here as a good investment.

Ramping this is under double net assets.

Look at those that are 20 times plus net assets - they are ramped.

Look at the FUM drop as one example.

Pilbara has cut costs significantly using solar and LPG instead of diesel and the potential for wind power.

I wonder once producing properly if Kodal will follow suit.