General discussion, page-10

Further clarity is definitely needed.. I suspect the news articles were not fake news. Thai government wants to extend negotiations at least further 6 months and want KCN withdrawal from lawsuit (they pretty much want this from day one). But KCN received the main concession e.g. quartz lease approval to ML and etc.

The inability to settle on the 31st deadline creates sovereign risk concerns i.e. is Thai government continually to dick around KCN shareholders (how much wealth has been lost from this expropriation action). And it not clear which concession the Thai government needs further 6 months to resolve, I can only speculate it is the royalty concession.

What has been disclosed is that KCN has not granted any extensions to negotiation. When the arbitration panel get their act together and notify the new deadlines, it will be interesting how this plays out, I mentioned in a previous posit that I think 2 scenarios will play out:

1. Thai government spurred into action and settle before the ruling (in order to save face)
2. Arbitration rules (I think this will reset the negotiations for settlement as KCN will have a stronger hand)

Although scenario 2, The Thai government may spit the dummy and there may be risk that they withdraws the licenses that have been granted. Or KCN can go with option 3 to extend the deadline for ruling (this will upset KCN shareholders).