THIS....IS.....HUGE !!!! SML NEWS !!!!!, page-361

Just a few words of caution around Teesside. The option over the land expires on the 18th of June this year. The planning permit requires implementation prior to the 10th of May this year. All of this means that we need to see action on the SML this month; if it drags on beyond that point, Peak will need to reapply for the planning permit, and possibly organise another option over the land. (Source: the investor presentation from the 9th of February this year. Page 11.)

I don't see the planning permit being a big stumbling block; given the circumstances of the delay, I would expect it most likely to be closer to a rubber stamp than a full blown re-application. But the option over the land - that could be expensive. (Bear in mind that I do not know anything about the commercial realities of the contracts that Peak has signed; I'm simply noting that there's the potential for an expense because of the delays and the impending expiration of these permits and contracts.)

All that said, if we're going to play the "let's compare Peak to Pensana!" game, it can be summarised as: Peak is waiting for the special mining license. Pensana is working on the full blown business plan. Assuming that both of those come on Monday (unlikely; this is purely a hypothetical comparison), Peak's share price would pop much more than Pensana's, because it would remove a lot more of the risk for Peak than for Pensana.

This isn't a competition, as I've said before. There's room enough for both companies to prosper in the coming years. It is very much not a case of "for Peak to succeed, Pensana must fail" (or vice versa).