To be fair to APC you would probably look at the other WA SOP...

To be fair to APC you would probably look at the other WA SOP stocks and feel the same about the TA (KLL, SO4, AMN, RWD, TMG).

Compared to the others APC does have some spec potential with gold and nickel.

The possible issue with NT will be about negotiations and we know the company has been in discussion for quite some time.

APC didn’t have to deal with any NT holders/claimants when they started this project. They acquired most of the mining licences back in 2017/18 and told the market they had all the licences.
The NT claimants were registered in 2018.
The new applications were submitted 12 months ago. APC didn’t have the respective exploration leases to convert back in 2017.
Whilst APC has gone to great lengths to talk about STEM education for local kids, the NT claimants will be more interested in royalties, heritage protection and matters that are important to them rather than anything that is good publicity for the company. A key representative for the NT claimants was interviewed by the ABC and was critical of the approach taken by the company. This person subsequently lodged the appeal to the EPA.

It would be interesting to know if any holders that post here have ever spoken to the company about the outstanding licences. You will note in all recent presentations there is never anything said about native title. Previously they stated they didn’t have to deal with it.