Today, PEARL GOLD AG i.L. and FABOULA GOLD S.A. agreed on a schedule of dates for the delivery of the altogether 31,973 ounces of gold owed to PEARL GOLD AG i.L. Beginning March 31, 2022, FABOULA GOLD S.A. shall deliver 1,500 ounces of gold each calendar quarter, and the remaining 1,973 ounces by March 31, 2027.
PEARL GOLD AG i.L. holds rights for the delivery of altogether 31,973 ounces of gold by FABOULA GOLD S.A., Bamako/Mali, out of their gold mine in Kodiéran/Mali. By agreement, the delivery should have taken place several years ago, but the completion of the mining facilities and the extraction of gold were disrupted by several factors, including reorganization proceedings ("concordat") under Malian insolvency law. After a new investor acquired the majority share of the company and renamed it from Wassoul'Or S.A. to FABOULA GOLD S.A., PEARL GOLD AG i.L. was recently informed that the resumption of gold extraction was imminent. Accordingly, the two companies agreed on the delivery schedule.
In addition to the gold delivery rights, PEARL GOLD AG i.L. holds 25 percent of the shares of FABOULA GOLD S.A.