Ann: Tangiers terminates farm-out agreement with , page-3

re: Ann: Tangiers terminates farm-out agreeme... Wow, ‘not a good look’ could well be the understatement of the year.

Two key questions for me:

1. What is the likelihood of the Government extending the timeline for a second time, and if so for how long?
2. What is management’s contingency plan, how advanced is it and how long has it been in place?

This basically comes down to ‘will we retain the license’; and if so ‘can we avoid a fire sale as a result’.

Reputational damage aside if we can maintain the licence and not have to farm the assets out in a distressed state it’s actually good news, however if either of the above does not occur nothing short of a disaster.

Surely management have been preparing for this moment for the past six months, though the fact the announcement comes out 4 days before the commitment is due does make you wonder.

Please let this be a good news story, otherwise investor faith in management will never recover.