Ann: Tripartite LOI Update, page-39

We are most definitely in a position to not be held at ransom, and be methodical in our decision making. We don’t have to compromise our future revenue in order to get a deal done. However that being said, MT has alluded on a number of occasions we may have to take a short term hit in order to get the project up and going. LKAB’s leverage is that they are state owned, so any form of binding agreement with them almost certainly speeds up our ability to get going (permit process would certainly be sped up). That perk in itself is probably worth taking the short term hit IMO. The cynic in me hopes the Swedish government doesn’t use the permit process as a bargaining tool in order to force MT to show his hand now negotiations have broken down. We will almost certainly be in negotiations with somebody else, so hopefully we become privy as to who it is soon, and that it is an incredibly favourable deal for us.