Ann: Quarterly Activities Report - June 2023, page-18

Don't think finally confessing that the Tanzania exploration is a red herring, KE exploration is failing to deliver tonnage/grade potential, Toliara approvals are another 6-9 months out when/if new Mining Code is formalised, Dune Nth is a slimes and oversize downgrade could be construed as management "being honest" after so long.

"bad news is all out"... that's more like it. Sell the rumour, buy the fact, as everyone frontrunning reality vs guidance that got out ahead, can now re-set buying the value proposition of future good news instead of disappointment. Almost embarrassing that such a poor quarterly update and push out Toliara timing was greeted with a price rise . Probably helped by Regal having finished selling down/out, and min sand prices seeming like they may hold up better the next 12 months with global recession postponed or averted.

Obviously happy to see the trend reverse, hopefully we tick over at little more than cash value while waiting for Toliara to trigger a genuine re-rate. Just can't see whoever the new president is not ratifying the new mining code, finally, and acknowledging the world bank's desire to finalise the mining code with it's large financial assistance each year.

GLTAH