Monday Shareholder Update, page-28

Agree we are in the hot seat. I think for SMM, the re-application is to minimize "loss of face" and I believe they would be trying to demonstrate not only to their fellow countrymen but also to their shareholders that they tried everything possible to secure the right to mine Isabel... even if they know it is a very remote possibility. They just don't have the support of the landowners as Axiom already have 85% in favour of mining Isabel versus the very tiny minority who are yet to confirm their support. Basic math tells you it just doesn't leave enough for any other outcome (in my opinion).

I believe that Axiom will soon reign supreme and that with the landowners well and truly on our side as reiterated in today's briefing, this is more or less a fait accompli.