The only pending approval mentioned by the company is the...

The only pending approval mentioned by the company is the underground mining activity permit and the issuance of said permit is also one of the milestones used by Trans Metal Fund LP for US$20m payment. The permit is expected to be granted in Q1 2024. I assume this permit defines/includes what processes will be used to process the ore.



My personal assessment is that the change of government in Slovakia is extremely positive for Metalstech. The new prime minister Robert Fico and his party are what one could fairly call "climate change deniers" (whatever your position may be on this topic), that means they will be more open to issuing approvals.

Robert Fico's nomination for environment minister Rudolf Huliak openly denies climate change.



I believe that Zijin Mining (and I do now firmly think they're behind the Trans Metal LP bid) could potentially reverse the Cyanide ban in Slovakia under the Fico government and considerably improve the already great economics.

The Fico government would also be more amenable to open pit mining. Zijin Mining being partly state owned could negotiate these outcomes using Chinese diplomatic power.

Here is another piece of evidence that suggests Zijin Mining. The other director listed (in the MTC announcement and on the Trans Metal Fund LP and Trans Metal Management Inc documents) is James Xiang. He worked as an interlocutor to arrange the Zijin Mining acquisition of Gobimin. All the individuals involved in the Trans Metal Fund LP bid are linked to Zijin Mining through M&A activity. As individuals, they do not have the economic clout nor expertise to acquire Sturec.

I think the company can extract even better financial terms from Zijin, maybe move the last payment contingent on mine operation forward. Zijin have deep pockets.