Yes, no need to be coy about it, we are now more likely than not...

Yes, no need to be coy about it, we are now more likely than not to get the MPSA (Mineral Productions Sharing Agreement, the Philippine Gov mining license). The ECC was really the crucial last turn before the home-stretch heading towards the finishing line to get the MPSA, because it required approval from the DENR, the same Gov body that is responsible for issuing the MPSA itself. Whether or not an external party would approve of something is outside of our control. To finally have it approved now is a major derisking event for us.

Now the clock is ticking for CLA. We have 30 days from today to submit what's called an EPEP (Environmental Protection and Enhancement Program). Based on what I read, this does not require any approvals, but the only condition is that the plan contained therein must be equivalent in value to 10% total cost of the mine. Therefore, a prerequisite of the EPEP is the BFS, because that is the only thing would have the total cost of building the mine (happy to be corrected on this point!).

Some jittery investors might see this as a risk, but I don't see it that way at all. It just means that poor old CLA team would be working their arses off in the next few weeks trying to get the BFS done, submit the EPEP, and that's it, all the ducks lined up to get the MPSA. Easy peasy right?