BIRIMIAN LIMITED (ASX.BGS)

name changed to Mali Lithium Limited

The suspension of trading in the securities of Birimian Limited will be lifted immediately, following the release by BGS of an announcement regarding the outcome of the review of its activities.

The company has completed a business review, culminating in a successful capital raising for progression of Birimian's wholly owned Goulamina Lithium Project. It has received commitments from institutional, sophisticated and professional investors to raise $5.95 million through the issue of 35 million fully paid ordinary shares at an issue price of $0.17 per Share. The Placement Shares will be issued pursuant to the Company's capacity available under Listing Rule 7.1. Settlement of the Placement scheduled to occur on Friday, 21 December 2018. Funds raised pursuant to the Placement will be used to advance offtake and financing activities and to progress the Definitive Feasibility Study, including further metallurgical test work programs, including assaying costs, and funding general working capital. Birimian intends to undertake a non-renounceable 1:20 entitlements issue at an issue price of $0.17. Assuming the shares from the Placement announced today are issued, the 1:20 ratio would imply that the entitlement issue would consist of an offer of approximately 13,428,035 new shares.

An MOU was signed with General Lithium Corporation for 200,000tpa of spodumene concentrate, which corresponds to approximately 55% of planned production capacity output of 362,000tpa. Under the MOU, the parties have agreed to commence discussions towards signing a binding off-take agreement that includes terms on pricing and quantities. The PFS demonstrates the favourable metallurgical characteristics of Goulamina, with potential to produce low cost, high quality spodumene concentrates. Negotiations continue with respect to the balance of the planned production capacity.

The company has signed a letter of intent with Changsha Research Institute of Mining and Metallurgy. The LOI does not create a binding obligation for any future agreements between the parties of any kind.

The initial proof of concept study demonstrates suitability of concentrate for battery chemicals.

The Company requests that its securities remain in voluntary suspension until the earlier of the commencement of trading on 14 December 2018 or until the release of an ASX announcement regarding the Company and its activities.

The securities of Birimian Limited will be suspended from quotation immediately under Listing Rule 17.2, at the request of BGS, pending the release of an announcement regarding the Company's activities.

The suspension of trading in the securities of Birimian Limited will be lifted before the commencement of trading tomorrow, following receipt of an announcement.

A general meeting will be held on 6 October 2017 at 11.00am WST. The venue will be Hay/Rokeby Room, BDO (WA) Pty Ltd, 38 Station Street, Subiaco, Western Australia.

The shareholder information session in Melbourne tomorrow, 30 August 2017, will be held at the offices of Gilbert + Tobin, Eureka Room, Level 22, 101 Collins Street, Melbourne, commencing at 12.00pm.

The company releases the Shareholder Information Sessions Presentation.

The company will hold a series of shareholder information sessions about the current status of Birmian. Sessions will be held as follows: Sydney - Tuesday, 29 August 11.30am at Bell Potter offices at Level 38, Aurora Place, 88 Phillip Street, Sydney; Melbourne - Wednesday 30 August, 12.00pm. Venue to be advised; Brisbane - Thursday 31 August, 10.00am at 210 Alice Street, Brisbane; and Perth "“ Friday 01 September 10.00am at Hay/Rokeby Room, BDO (WA) Pty Ltd, 38 Station Street Subiaco.

The company releases the findings of its corporate review. The key points are as follows: taxation, corporate governance, compliance and disclosure issues identified after an extensive due diligence process; there were significant advances to the company's Goulamina project in Mali during the period of voluntary suspension; a solid corporate foundation is now in place; and a proposal is to be submitted to the ASX for the restatement of the company's securities to trading.

The company lodges its Quarterly Cashflow Report.

The company lodges its Quarterly Activities Report.

The company has now accepted the resignation of Grant Thornton Australia and the consent of Pricewaterhouse Coopers to its appointment as Birmian's auditor.

The company has made considerable progress in resolving the matters arising from its internal review. The company accepted the resignation of its auditors, Grant Thornton Australia, and subject to approval by the ASIC, intends to appoint PwC as the company's auditors. Birimian has held discussions with the Malian Minister for Mines and the Department of Geology and Mines on a recent visit to Bamako and was well received. Considering these developments, the company believes that its trading suspension should be lifted by 31 July 2017.

The company reports an updated Mineral Resources estimate for the Goulamina deposit at its Bougouni Lithium Project in Mali. It now comprises 32.9 Mt @ 1.37% Li2O. This increases the Mineral Resource estimate by around 15%. This includes an Indicated Resource of 25.3 Mt @ 1.37% Li2O at a cut-off grade of 0.4% Li2O - an increase of 300% from the last reported Indicated Resource.

The Board has determined that a total of 1,975,000 performance rights expiring on 30 June 2021 and 7,315,000 options exercisable at $0.104 expiring on 26 February 2021 held by entities associated with former directors have lapsed. The company is continuing to address other issues and is liaising with ASX in relation to reinstatement to trading. The company still believes that the outstanding commercial and regulatory matters will be addressed within the six to eight week timeframe it previously indicated.

The preliminary findings of the previously disclosed corporate review indicated several matters of concern. The company is working to undertake the remedial action necessary to rectify these serious matters. Birmian believes it will take six to eight weeks to resolve these outstanding commercial and regulatory matters.

Birimian Limited wishes to advise that the following unlisted options over fully paid ordinary shares have expired. Number of Options: 4,345,000; Exercise Price : $0.25; Expiry Date: 27/4/17.

The company is now in possession of the preliminary findings of the internal review of the company's activities.

The securities of Birimian Limited will be suspended from official quotation immediately at the request of the Company, pending the release of an announcement in relation to an internal corporate reorganisation and the internal corporate review announced by the Company on 4 April 2017

The suspension of trading in the securities of Birimian Limited will be lifted immediately following receipt of an announcement regarding a company update including an offer received for its Lithium assets.

Birimian Limited advises that it has received an offer, and has subsequently executed a binding Letter of Intent, relating to the purchase of a 100% interest in the Bougouni Lithium Project by Shandong Mingrui Group for a total consideration of $AUD 107.5M in cash.

The securities of Birimian Limited will be suspended from official quotation immediately at the request of the Company, pending the release of an announcement.

name changed from Birimian Gold Limited