I agree @ralli - there is no requirement for the MOM to have...

I agree @ralli - there is no requirement for the MOM to have established the new company to grant GBE their MDA. There are alternative options - all the MDA in the interim for GBE is give them the final approval so they can commit to proceeding the Kanyika development which still leaves a large time period before any such fiscal progress as GBE will require quiet some time to progress as advised with PAPS relocation - compensation - secure finance - FID - the list is long and the delay with MDA is preventing activities as we know.

I'm not so sure the additional 10%. Each future mine development is a separate investment case/decision for Malawi Govt (new company state owned) to assess on merit if they would have any interest in acquiring any additional 10% stake. Without even a PFS delivered on many projects at this stage - that decision is would appear some way down the road and perhaps - well I would expect the Govt company would only consider large scale - highly lucrative options say the SVM rutile project for example - just an assumption.

Speaking of PFS - Where is it? We know Malawi takes eternity to do things - well most things anyway. GBE have also taken eternity to deliver a PFS and key changes continue (refinery very important obvious one). We observe a declining SP and also declining interest on the MDA along with the PFS - for which we have long hoped would have been addressed by now. In Hudson's promo interview it was the biggest missing part for me - the only delay previously given was new location which has been established and the old style proven tech to be used. The PFS should have been delivered - it is not a BFS that comes later. However it appears the stand off with Govt which took place with ML remains in play. It does not appear any reason for MDA as advised by company - the delay sits with the govt - final AG whomever signature however it - the PFS would - must be near complete yet no word from CEO. Something so important for investors particularly given the new staged approach is not mentioned.

Anyway management had to go with CR that has resulted in funding for a further possible 6 months in which we remain forever patient. Not hopeful in my view - just patient it will arrive. Same with Chakwera govt stating mining will contribute 5% to GDP in 2021 & 2022 - for which they are now saying 2023. Of course we all know what is on the other side of MDA - PFS so without such I find personally - keeping focus on a few other progressive - active holds more pertinent. One thing for sure though is GBE thankfully have provided quiet some detail throughout 2022 on what Kanyika is shaping to be which has seen me add to highest previous levels (no greater guide than BT investment and even the oppies - a retention of key persons if you like was catalyst for me) unlike the past there was little offered to investors and what was re previous PFS was soon removed - as with that CEO.

Anyway another year passes and best wishes to all holders - GBE team for good health and progress throughout 2023 and beyond.