Ann: EMH Simplified Extraction Process, page-41

I agree with you tsibis that the EIA and mining licence is probably going to a very important milestone and along with the DFS, the buyout catalyst; but I am not so sure a cheap CEZ buyout is going to be the only game in town. It appears as though CEZ have a right of first refusal based on project related metrics (possibly % of NPV in the DFS) but once the mining licence and EIA is approved to my mind, this opens up EMH to other interested parties and I would think a likely scenario is an experienced operator picking up EMH's minority stake in a friendly transaction (someone like AMG or one of the bigger producers looking to expand into Europe) or EMH being approached by parties deemed undesirable by CEZ and/or the EU which forces to CEZ to pay more like the going rate. Such is the strategic nature of the asset. Keith C comes in for a fair amount of stick and rightly so in some cases, but fair play to him for raising a good amount of cash at the start of the year (at much higher than the current SP) which will see us through till the end of next year and probably until the buyout happens. I dont see us making it to being a producer between EMH and Geomet there are probably only 15-20 employees and CEZ dont have any experience of building mines like this.