African Minerals - Re: AMI Stream Log - Negotiations continue regarding a long...

Negotiations continue regarding a long term funding solution with Shandong Iron and Steel Group ("SISG"), AML's partner and 25% owner of the Project. The Company also continues to evaluate potential funding solutions with other parties, including but not limited to a partial sale of AML's stake in the Project. Reaching that outcome remains AML's utmost priority and while the Board continues to make every effort to advance these discussions, there can be no certainty that agreement will be achieved. In the event that a funding solution is successfully reached, it is highly likely that the outcome would leave little or no value for AML's shareholders, due to significant balances owed to trade creditors before the Project went into care and maintenance, as well as existing bank debt amounting to $276m and the $400m convertible bond, all of which sit ahead of AML's shareholders in the capital structure. Furthermore, SISG has made a number of claims against the Project which further diminish its value.