I am putting the delay in the renewal of Tolukuma EL2531 down to COVID (I do know that the MRA and other Government offices were forced to close completely for quite some time in both 2020 and 2021). In addition, the MRA are poorly organised and somewhat chaotic at the best of times, and signing off on paperwork is definitely not their strong suite.
On top of this, I believe that there are still a few things to be ironed out with regard to the new operators of Tolukuma ML104 (Lole Mining) including an upfront payment. Here again, COVID appears to have thrown a real spanner in the works and caused considerable delays on both sides.
Finally, if I was Lole Mining I would definitely want to know what FNT’s plans are at EL2531, before handing over cash to the MRA and committing 100% to the takeover and operation of ML104 which must be firstly cleaned up and the mill refurbished. Perhaps Lole Mining and the MRA are also waiting for FNT to announce a JORC resource at Saki?
IMHO we will know the answer to all of the above, and perhaps a whole lot more, very soon.
Cheers.
FNT Price at posting:
3.7¢ Sentiment: Buy Disclosure: Held
(20min delay)