Extract chairman Steve Galloway recently stated in an interview with the Namibian press tha he had "not a shadow of a doubt" that Extract would get an ML for Husab.
And Namibia's "new" mineral policy has now been clarified and reclarified to mean that companies with existing exploration rights and a pending ML application will NOT be required to cede any equity to state miner Epangelo.
That said it appears Epangelo would have first right of refusal to participate in equity capital raising for development of a mine (read the May 10 media statement by Isak Katali closely). But Extract says this means on commercial terms only so should be nothing to fear there.
But clear;y until an ML has been granted investors may well stay nervous and the share price won't climb as it otherwise might have.
EXT Price at posting:
$7.70 Sentiment: None Disclosure: Not Held
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