Seems like the fireworks are lined up for February. That is when...

Seems like the fireworks are lined up for February. That is when the permits are expected to come through. It's also roughly when the money is likely to run out.

MT mentioned the "three horseman of the apocalypse" (Permitting, Financing, Off-take). My read is that he expects all three of these to come together at once (in February). Makes sense as the financiers surely want permits in place before committing capital, and the off-take partners would want to know the same before signing a binding agreement.

It means we've got a lot riding on the Swedish government not dragging their feet for too long, but five months should be plenty of lead between the site visit and permit approval. I'm comfortable with this timeline. There's some risk involved, but all investments come with risk. For me, the potential reward (many bags from here for TLG) more than justifies whatever risk the Swedish government poses. MT has more at stake than anyone, and he clearly believes the permits will come in February (or he would have conserved more capital and been less aggressive on drilling). He addressed the big drilling spend, and it's a play for the long-term (a sign he's confident in the long-term). Expanding the resource is the first step towards feasibility studies and filing for new permits to extend Niska and/or grow the project beyond 100K tpa later in the decade.