PEK Chart, page-175

Yeah, no solid ground here unfortunately. PEK remains subject to unreliable and under-resourced government departments, despite the obvious improvement in investment climate under the new president. All adjectives thrown at such discussions and timeframes must be taken with a grain of salt.

A major concern is time elapsed between signing of the economic framework agreement and final grant of the SML. Not much guidance in the way of precedence but the one obvious example, Kabanga Nickel, required 10 months. It is entirely possible that another 12 months could pass before PEK (NewCo) finally attains the SML - I expect that progress on other key fronts (funding, offtake) will be stalled until this is achieved.

Of course, the updated BFS can proceed unhindered and will surely afford improved project economics.