Ann: Court Rejects Appeals Against Vittangi Mine, page-128

You've been saying there will be a panic sell off since just before the initial permit decision in April. The company has since had their mine and anode plant approved by the environmental court and had appeals rejected by the court of appeal.

"In accordance with statutory process, the rejected parties have until no later than 28 September 2023 to appeal the Court of Appeal’s decision to the Supreme Court. The Supreme Court may only hear an appeal if there is a need to develop case law or there are special grounds such as a miscarriage of justice or gross error in law. If no appeals are filed, the Nunasvaara environmental and Natura 2000permit would come into force."

In about 10 days we find out whether or not the rejected parties have appealed to the supreme court (with only 1.5% of submissions granted), meaning the permitting process is nearly over. It's no secret that finance and purchase agreements are waiting on the permitting process to complete. So, while we may see fluctuations on the chart from 1.15 to 1.50, on a fundamental level the company has never been stronger. Throw in further recent drama with China subsidies and the tailwinds only get stronger.

The worst-case scenario is the rejected parties may try to obstruct one last time in the court system, but would only cause another month or two of delays before they either withdraw or the supreme court rejects. We hear more about the detailed plan obstruction in the media now, which leads me to believe that there won't be any appeals submitted.