Thanks 310843B.Some important points there, and I was also...

Thanks 310843B.

Some important points there, and I was also thinking - is the lack of an ML approval actually holding up anything in relation to the development?

At present engineering is ongoing, and the MORE program is proceeding to add future value.

It may just be that a little delay in the ML is no big deal as it allows the true value of the asset to be demonstrated through outcomes from the MORE, revised reserves estimates etc.

Picture these scenarios:
(1) ML is approved early while engineeing is not finalised, reserve estimates are lower than present and the white knight appears with a T/O offer of $10
(2) ML is delayed, MORE continues, future reserve estimates are published with increase reserves, lower strip ratios and higher recovery of U308. NPV of project looks far better than in scenario 1 above. Eventually ML is approved, several white knights turn up and we have a bidding war for an asset having a higher NPV, and hence a higher T/O sp.

I know these are hypothetical, but I know which scenario I prefer.

Good luck to all holders