Quarterly Report??, page-45

Don't see how this can be considered bearish. Don't wet the bed.

We get all the licenses required to reopen and start mining, meanwhile we continue to hold an award over the government's head. In fact, I would argue that should we start investing money and mining gold, followed by any unlawful behaviour by the Thai government, we would have a second claim under TAFTA. I cannot therefore see RSK dropping the claim until we get most of what was on the list, barring any cash compensation. The government clearly gets to draw things out and are already saying that the recent granting of relevant licenses were as part of any normal application process and have nothing to do with settlement negotiations.

It would have been good to have more clarity / better communication on the financing, but at the same time most if not all lenders (certainly banks) would have required the reinstatement of the relevant licenses, particularly the MPL, to grant credit. The latter was only picked up last week, so I would imagine discussions with lenders (there will only be one chosen) will move to drafting formal documentation. The balance sheet is relatively clean and any sub-$50m loan is well covered by Chatree, any arbitration award, and our beloved Nueva Esperanza, so I don't see a struggle to get financing in the door.

Market chatter is that the company is trying to use the outstanding award as a form of springing collateral under the terms of any loan agreement. I wonder where they got that idea from?