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Hi jds71, Sorry for the delay in getting back to you but the truth was that I did not really knwo the answer to your question when you asked it on Friday. As you are aware, I invested here for the graphite and so did not really do any DD on the gold. once you asked the question though, I realised that this was a big flaw in my reseach and so spent a number of hours looking at this over the weekend - the results of which are posted below: Mpokoto Gold Project � As of 5th December 2016 the assets of Mopokoto are as follows: � Current total mineral resource: o 678,000 oz Au from 14.58MT at 1.45g/tAu o Mine aim to produce 25,000 oz per annum over a 9 year mine life. o Net Present Value at 8% (NPV8) at a gold price of $1,250/oz is $53.3 million. o Revenue estimated to be $138.6 million from phase 1 (shallow oxide portion) o Capital costs estimated to be $25 million o Operating costs estimated to be $792 per oz o Gold price today $1,282 � Armadale have so far paid a total of �3,787,120 to acquire and develop to the current stage the Mopokoto mine. � The have now farmed out 25% of it for $1.25 million. This values the total project at $5 million, which in sterling is �3.8 million; so the value of the farm in is exactly right compared to the expenditure that has currently made. � We have to assume that AMS will sort out the $25 million required to actually sort out the mine. If they cannot sort this out either after A-CMS also failed to do it then we have to assume that the project is unfundable. Two tries and two fails seems to be too much. � This means that we have to assume that AMS will achieve the funding and therefore up their stake to 85% � The NPV value of $53.3 million and an assumption that AMS will eventually upgrade to 85% ownership then one way of looking at the value of the gold mine would be 15% of $53.3 million = $7,995,000 which is �6 million sterling. In all then this means that the gold mine will have made �2.2 million for ACP over 4 years. � During this four year period (2013-2017) the previous Directors (exec and non-exec) have taken out �685,000 (in cash and shares) as fees. � If we factor this into the value of the gold mine costs then we will get a potential profit of about �1.5 million to ACP shareholders over four years if the project comes off � basically it is simply not worthwhile. � Whatever way you look at it ACP was basically a shell company and however it has been played publically, Kabunga has come in and taken it over. The old directors are all gone and the company does not care about the gold project at all. � They have done a deal with the gold project which is basically just to get rid of it and prevent it costing the company any more money. They have been reasonably clever about doing this in that they have done a deal which means that ACP

This is the sort of thing that I would like to think that he also has in mind for Armadale. I have done a chunk of work on looking at Strandline, Volt and Lindian which I will try and post over the weekend. I think that what has happened with these gives an idea of his working strategy. But also we need to look at the other companies in the graphite sector and see what has happened and is happening with them. I have done some of this work but there is a lot more to do. Graphite Companies to look at: Syrah Resources (mkt cap A$1.09 billion) � ASX: SYR - the absolute daddy of all graphite cos. Mason Graphite (mkt cap $300 million) � CVE: LLG Magnis Resources (mkt cap A$245 million) � ASX: MNS Zenyatta Ventures (mkt cap $55.62 million) � CVE:ZEN Leading Edge Materials (mkt cap $55.88 million) � CVE:LEM Kibaran Resources (mkt cap $37.85 million) � ASX:KNL Hexagon Resources (mkt cap A$31 million) � ASX: HXG Black Rock Mining (mkt cap A$26 million) ASX:BKT Volt Resources (mkt cap A$25 million) � ASX:VRC Northern Graphite Corporation (mkt cap $23 million) � CVE:NGC Alabama Graphite (mkt cap $19 million) � CNSX: ALP Next Source Materials (mkt cap $30 million) � TSE: NEXT Focus Graphite (mkt cap $28 million) OTCMKTS:FCSMF Saint Jean Carbon (mkt cap $9 million) � CVE:SJL Anson resources (mkt cap A$11 million) � ASX:ASN

Hi Amtech � to continue our conversation from yesterday. Working out what Kabunga plans to do next with Armadale is impossible, as there is no way to read his mind, but I think that is certainly possible to make some assumptions about what will happen next based on what has happened with his other companies. Essentially Kabunga businesses appear to be businesses for investors not traders, though obviously you could have nearly doubled your money here in the last two weeks if you timed it right - but this is not drilling for oil or getting FDA approval for a pharma project. There is no one magic event that will see the share price double or triple overnight on the release on news. This is not the nature of the mining industry. Where the Kabunga businesses are strong, I think, is in putting together an infrastructure behind them that makes them work. They are building for the future in order to either go into production or be bought out by a much larger mining company. That is not to say that I do not think that there are significant gains to be made in Armadale over the next 6 months or so � I do. I think that a market cap of approx. �15-20 million is exactly where Armadale should be in the near future when you compare it to some of it�s ASX or TSX listed peers. However, I think that the big money is 2-3 years away when, if everything goes well and the project is a success then we could be looking at a market cap of �200 million +. This may seem like ramping to some but if you look at Syrah resources then back when they first acquired Jacana Resources Ltd on the 15th December 2011 then their market cap was A$7.7 million (�4.5 million). Because of the impact of the graphite discovery that they made at Balama in Mozambique (which was part of the Jacana purchase) less than 3 years later (11th July 2014) the market cap of the company was A$970 million (�560 million) and today it stands at over A$1 billion (�580 million) � down significantly from it�s 2016 high of A$1.7 billion (�900 million) but still a stonkingly good return on a share price that was 16c at the acquisition date and $5.99 by July 2014 (down to $3.60 today btw). So that was a 37 bagger over 29 months� Obviously, not every company is going to be a Syrah Resources, you need the right ore, the right management, the right investment and (frankly) the right luck. But from looking at how Kabunga goes about his business it is this kind of return that he is aiming for. His other graphite project Volt Resources went from 2c in May 2015 to 12c in July 2016 before falling back down to 2.6c today and the important point is that he did not see any (as far as I can tell) of his personal stock when he had the chance to bank enormous profit. He clearly sees Volt as being worth more than the A$100+ million it was valued at in 2016 and is holding on for even bigger returns. This is the so

Impressive Amtech � you�ve put your finger straight on the (hundred?) million dollar question. Here�s what I would LIKE to see: a) Kabunga abandoning his back seat role and taking a directorship at ACP � preferably as Chairman like he is at Volt. This kills two birds with one stone � it gives us a chairman which we lack and it puts the person in charge of the company in a position in which he is (to some degree at least) accountable to shareholders - thus showing us that our interests are all aligned. b) Kabunga to use the customer connections he has made in China and elsewhere (via Volt) to ensure that ACP can sell any graphite it produces. c) Kabunga to utilise his mining contacts (Kabunga at Strandline set up a JV with Rio Tinto for some of their assets � RIO TINTO!!) to allow us the quickest and most cost effective way to develop the mine. d) A Definitive Feasibility Study Produced e) Institutional Fundraising to build a mine � watch this Syrah video for a truly spectacular achievement of basically building a city in the middle of nowhere: - It�s only when you get 2-3mins in that you really appreciate the scale of what they have achieved: http://www.syrahresources.com.au/balama-plant-flyover-october-2017 As to what I THINK will happen, I don�t think that we can get to the bottom of that in any sensible way without looking at what has happened with all of the other investments that he has made. I�ll post on that more this evening if I have time, but I think it is generally positive. Everything he is involved in seems to be concentrated on building a sustainable business with inherent value rather than just flipping it. Create the value and the share price will follow.

Impressive Amtech � you�ve put your finger straight on the (hundred?) million dollar question. Here�s what I would LIKE to see: a) Kabunga abandoning his back seat role and taking a directorship at ACP � preferably as Chairman like he is at Volt. This kills two birds with one stone � it gives us a chairman which we lack and it puts the person in charge of the company in a position in which he is (to some degree at least) accountable to shareholders - thus showing us that our interests are all aligned. b) Kabunga to use the customer connections he has made in China and elsewhere (via Volt) to ensure that ACP can sell any graphite it produces. c) Kabunga to utilise his mining contacts (Kabunga at Strandline set up a JV with Rio Tinto for some of their assets � RIO TINTO!!) to allow us the quickest and most cost effective way to develop the mine. d) A Definitive Feasibility Study Produced e) Institutional Fundraising to build a mine � watch this Syrah video for a truly spectacular achievement of basically building a city in the middle of nowhere: - It�s only when you get 2-3mins in that you really appreciate the scale of what they have achieved: http://www.syrahresources.com.au/balama-plant-flyover-october-2017) As to what I THINK will happen, I don�t think that we can get to the bottom of that in any sensible way without looking at what has happened with all of the other investments that he has made. I�ll post on that more this evening if I have time, but I think it is generally positive. Everything he is involved in seems to be concentrated on building a sustainable business with inherent value rather than just flipping it. Create the value and the share price will follow.

Kabunga�s Directors Fees: Strandline � Kabunga Fees: A$38,325 (top paid director is A$163,166) Volt 2017 � Kabunga Fees: A$11,441 (top paid director is on A$131,236) Lindian � Kabunga Fees: A$5,000 (top paid director is A$54,000) He is making less than A$55,000 (�32,000 sterling) per year out of directors fees. To me, that reads that he interested in monetising his shareholding just like any other shareholder but on a much larger scale.

Sorry for the weird marks in the posts they are mostly "�" or "-" symbols that clearly did not cut and paste properly. However, the bottom line is this. In all of my very extensive (if I do say so myself) research into Auroch I did not find any red flags. Yes, there is a connection between Tunks controlling Auroch and later being appointed to the ACP board but is that really sinister? People who know and trust each other do business together in all industries all of the time - it is why there is the same merry-go-round of managers in premiership football year after year. If Auroch had purchased the Lithium asset knowing it was a dog then that would have been a massive red flag - but they didn't. They paid a fee to look at it and then passed and the fee (in total) was only $160,000 (which is about �95,000). When you have $10 million in cash in the bank less than 2% of this to have a look at an asset you may want to acquire (and a listed company needs assets to develop) is nothing. Anyway, after that long set of posts I would be very interested in your feedback Amtech.

So far � pretty simple right? Auroch have acquired the potential for100% ownership of 21 prospective lithium licenses in Tanzania which are adjacent to the existing Liontown mining project which had just announced 5%+ grades of lithium. It is clear that Kabunga controlled the unnamed Australian entity as Kabunga holdings appears in the 30th June 2016 Auroch annual report (top 20 shareholder with 950,000 shares) which is the entire consideration of shares issued to the unnamed Australian company. See page 61 of the Auroch 2016 annual report: http://clients3.weblink.com.au/pdf/AOU/01785444.pdf Auroch�s next step was to then do their due diligence on the licenses they were about to acquire and so they ran 1800m of trenching as well as assay tests. On July 4th 2016 they announced that the assay results were disappointing and that there was �little scope for discovery of economic mineralisation within the Hombolo tenement package�. They then pulled out of the acquisition and withdrew the acquisition resolution from the shareholders vote. What did it cost Auroch? The cost to Auroch for the chance to acquire the tenements was $75,000 in cash and $95,000 in shares = $160,000 (approx. �95,000) � plus whatever costs were incurred in the trenching and assay work. Kabunga�s company had already spent $120,000 on acquiring and investigating the mining licenses (hence the demand for "The reimbursement of USD$120,000 in relation to their expenses on the mining license") so they ended up in profit by approx. $40,000 (�24,000) which, quite frankly was hardly worth the effort. Was the cost unreasonable? No, the mining deal was simply a deal that did not work out. It cost Auroch less than 2% of it�s $10,000,000 cash to find this out and, to me at least that seems a worthwhile punt. Not every mining or oil deal works out � there are no sinister forces at work, it�s just life. Given the value of Kabunga�s assets in other listed companies, I think that it is pretty clear that he did not �run a scam� for 6 months of his life in an attempt to make a grand total of �24,000. He wanted the license to work, for Auroch to be worth tens or hundreds of millions and for his 12% stake in Auroch to make him millions himself. It didn�t work out and so he moved on. What does this tell us about Kabunga�s Strategy What is interesting though is that once the project was dead Kabunga did not hang around and keep his shares � by the time the 2017 annual report was released Kabunga Holdings was nowhere to be seen in the top 20 holders even though it�s previous stake would have been more than enough for it to still be there. Basically, this proves that Kabunga is only interested in keeping a stake in a company if he thinks that he can add something to the company.

Auroch Minerals � Asimwe Kabunga Background Kabunga offered Aurch Minerals a the licenses to the Hombolo lithium project in Tanzania back on May 24th 2016: http://www.asx.com.au/asxpdf/20160524/pdf/437fmmqznkgzms.pdf It is important to remember that even though Auroch was valued at $11million by market cap at the time it was actually a shell company � just a shell company that had $10 million in cash (see hot copper post here: https://hotcopper.com.au/threads/ann-hombolo-lithium-project-acquired-in-tanzania-aou-ax.2776810/page-3?post_id=17849713 ) The Deal Auroch minerals were offered the possibility of acquiring an Australian company (unnamed in documentation but controlled by Kabunga � see further down this post for proof) which owned 21 mining licenses and application in Tanzania in a Lithium prospective region. The up-front terms of the deal were as follows: 1. Payment of Auroch to the Auustralian company of a non refundable $75,000 fee. 2. The issue of 950,000 ordinary shares (value at time A$0.1 per share so total value of A$95,000) � again, the issue of these shares was non-refundable. Upon shareholder approval being issued the Auroch were to further issue: 1. $75,000 cash 2. 2,050,000 ordinary shares issued to the company by Auroch (value at time A$0.1 per share so total value of A$205,000). 3. 3 million options exerciseable at $0.2 before 23rd October 2018. There were also the following equity milestone payments: a) 12 months following deal completion the Aussie company would be issued with an additional 1,500,000 AOU shares. b) 24 months following deal completion the Aussie company would be issued with an additional 2,000,000 AOU shares. c) 36 months following deal completion the Aussie company would be issued with an additional 2,500,000 AOU shares Given that Auroch (at the time) had 75 million shares in issue then this would have given the Aussie company 9 million shares or approx. 12% equity in Auroch 36 months later (sound familiar?) In addition to this, the Aussie company were also promised (if the deal went ahead): a) The reimbursement of USD$120,000 in relation to their expenses on the mining license b) $500,000 upon granting of a �permit to mine� c) To grant the vendor a 2% Net Smelter Royalty (with Auroch having the option to purchase 1% back for $500,000) d) Appoint a director to Auroch�s board � when feasibility study commences. Completion of the deal was dependent on a number of conditions including : a) Approval of Auroch shareholders b) Auroch completing financial, technical and legal due diligence c) The granting of prospecting licenses for any of the 21 licenses that did not already have it.

- Sorry ran out of sapce. I cannot find anything to raise any red flags. In fact I would say the opposite is true. If he is involved in a company it is because he is going for big money (selling out to a major would be my guess) and everything is being put in place in each of these companies for this to happen. Yes, there is situation and share price falls as things develop but I think this guy is working to a 5 (or so) year plan to make himself hundreds of millions of dollars. I have looked at his directors fees from all of these companies and they are negligible so he is not making money out of that (and there are plenty out there who do exactly that). The only way I can see him making money is if the companies work and that it what has gotten me excited about ACP. Anyway - my reseacrch on Auroch to follow in the next posts - sorry it is long, but (IMO) extremely relevant.

I read your post on Auroch minerals about Kabunga holdings working alongside Tunks and BBD custodians so I did some (a lot) of digging into that and I simply cannot see anything wrong with it - it was a mining deal that didn't work as the licenses did not have enough lithium on them to make the project worthwhile. I then looked into all the other companies where I could find a link to Kabunga- Volt (Graphite) Strandline (Mineral Sands) and Lindian (Bauxite) and could not find anything wrong there either - though I must admit that my Lindian research is incomplete and I still have a bit of work to do on that one. Kabunga's gig is clearly as follows (as the smae pattern repeats itself in every company): 1. Kabunbga discovers and acquires prospective mineral resources in Tanzania � sorts out permitting etc and does basic (inexpensive) exploration work. 2. Kabunga then uses his connections in Australia and England to find listed companies to put these assets into in exchange for equity � it is always equity and never cash. 3. Often Kabunga then takes a non-executive position with the companies he has invested into. 4. The companies then attempt to develop the assets through to successful production, using their public status to raise the necessary funds in order to do so. 5. Kabunga almost never sells his equity stakes and is presumably waiting until the companies either: a. Go into full production � to maximise his return. b. Sell out to an international major for a fee in the hundreds of millions. This investigation has actually given me a lot of confidence in the fact that ACP will go somewhere as IMO the key element that has come out from this is that Kabunga is not just in it for a quick buck. If he was, he could have just flipped the tenements and then sold his shares quickly for a few million here and a few million there. However, he has not done that. As far as a I can see he has held on to every share he has earned into (with the exception of Auroch where he sold out his option fees the moment the deal got nixed) and has actually bought more on market and in placings. The guy is going for the big big big money. At one stage his Volt shareholding was worth A$18 million but he didn;t sell any. It is now back down to A$4 million and he still has not sold any. There is a plan there and it involves big big money. In order to understand this I have probably done at least 50 hours worth of investigation into the guy. I have trawled through every RNS release made each company on the ASX from the moment his involvement with them began. I have looked at the details of every deal that it has been announced that he has been involved in. I have read every Director's Interest notice published by each of these companies. I have looked at every substantial holder notice relating to him in the same and I have cross referenced all of the above against the annual reports about what was paid and when. I c

Amtech - no, my apologies your post was not rude. I just felt like I made one post and then was immediately under attack so lumped you in with hannis which I shouldn't have. In fact it was reading a couple of your older posts about Auroch minerals that prompted me to sign up to this board. Since reading them I have done a lot of research into that side of things (the Asimwe Kabunga investment side) and would be interested in discussing it with you. Let me know when you are next about and have time - because there is lots of interest there.

Pumpky - are you talking about Kibaran Resources the ASX company?

As for you hannis - I'm not sure what your point is. Your only post on this board in 2 years and you use it to dig me out? Furthermore, as I look at your history I can only see two posts on ACP from you: 18 Mar '15 - Lucky I just had a few quid on this Donkey...!! 29 May '15 - This is pure Urine That's a useful contribution you make here. My old mam used to have a saying for people like you- Better to remain silent and be thought a fool than to speak and remove all doubt. Perhaps you should disappear for another two years before returning to regale us with more words of your wisdom? I'd sure as hell appreciate it. Is everyone on this board as rude as hannis and Amtech?

I'm delighted that you can remember that for back Amtech, but as Anthony Joshua said to Amir Khan: https://twitter.com/anthonyfjoshua/status/893480501675249664/video/1

I bought in here at 2.10p a couple of days after they announced the completion of the purchase of the Mahenge project back in July 2016. I have since traded it a few times when it was around about 3p and then bought back in again at the beginning of this year. I currently hold 1.5 million of these at an average of 1.63p so I am now finally up on the investment and am planning on putting in another �10-15,000 here to take my total investment up to about �40k. The reason I am about to invest more money here is that I believe a turnaround has already started and that I will double or treble my money over the next 6-8 months.