17th September update from PEK had stated that SML was dependent...

17th September update from PEK had stated that SML was dependent only on Cabinet approval.


https://hotcopper.com.au/threads/ann-corporate-update.5629538/
ASX Announcement 17 September 2020
Corporate Update
Peak Resources Limited (“Peak” or the “Company”) continues to progress the development of its 100%
owned Ngualla Rare Earth Project (the “Project”) with the following events occurring recently:
• SML application continuing to progress
• Further steps taken to reduce costs and conserve cash pending receipt of the SML
• Board changes
Tanzania SML Process
Peak has previously advised that the Tanzanian Government’s review of the Company’s Special Mining
License (“SML”) application is continuing to progress. The Tanzanian Government has advised the
Company that its technical due diligence of the project and the SML application undertaken by the
Ministry of Minerals Technical Committee (“MMTC”) is complete. The technical due diligence is an
important step in the SML process as it was requested by the Tanzanian Government Cabinet before
they would give their consent to the application.
As part of the technical due diligence process, productive meetings were held during the months of
July and August to allow the Company to respond to queries the MMTC had with respect to the
application. All queries were answered to the satisfaction of the MMTC. This process is now complete
and the Company understands that the MMTC have finalised their Report.
The Technical Report is now awaiting submission to the Cabinet of the Tanzanian Government. With
the completion of this important step, the Company is now only awaiting Cabinet approval of its SML
application.
The SML is the final major regulatory requirement for the Project. Once approved, the Company will
be in a position to negotiate an economic framework for the project with the Tanzanian Government,
including the form and nature of the Government’s free carried interest.