Evening Guys, I thought I'd just let you know that I have...

Evening Guys,

I thought I'd just let you know that I have largely sold down my BKY holding in favour of other U miners and as I had previously posted positively about BKY it was fair to flag it.

Sprott, one of my brokers, has been negative on BKY for some time due to the issues surrounding permitting due to the proximity of the mine to people.

In the recently released QR, this was stated about the permitting:



Sprott further flagged this. They believe that this is more than simply a case of remedying a few minor items (not disclosed in BKY's report).

In addition, according to Sprott, these were meant to be the "easy" permits and do not include the Zona 7 area which is critical to BKY's ability to achieve positive economic outcomes.

Given the issues BKY have continually suffered during the development of their mine and the recent shuffle to the Left in Spanish politics it is fair to assume that these issues will continue.

In addition, Spanish voters expect the Government to regulate business, and I would think this applies doubly so for a U mine:



It is my opinion that BKY is going to continue to be stymied at every turn in trying to develop this mine and I think that there is a material risk that this, at best, is delayed several years more and at worst will never be developed.

I have retained a small holding, but I have decided that a non-permitted U development project, in the EU and close to villagers is not worth the risk when considering other Sector alternatives. This is especially so as we are now seeing these permits being viewed negatively (recommendation not to issue permit) by various Authorities.

As an aside, many analysts will be including BKY's 4.4m lb p.a. of production into their supply side inputs from the early 2020's onward in their models. IMO, there is a material possibility that this 4.4m lb (which would have made BKY the 9th largest producer globally) never comes to market.

Cheers
John