Its been 38 days since the Mining License "Approval" was announced at San Jorge that saw the share price fire up to 23 cents or so. Since then it has dropped back to 13ish as the market senses the fact that its all not quite so easy.
If we take the last announcement from Axiom on the 06/7/2018 then its quite clear that the reality is that the ML was " formally considered " at the meeting and that "the Minerals Board had reserved its decision pending formal written endorsement from the AG. " This would by definition mean that it is in no way approved. Officially or unofficially. Simply that a decision was not made. Reserved.
Axiom further advised in that announcement that they have been notified that the "AG has formally advised the Minerals Board in writing that the ML can now be issued to Axiom". This would logically mean that the ML will now be formally considered again at the next meeting of the Minerals Board. It will be towards the end of the month as a new Chairman has been appointed.
So people should ignore the nonsense of it being officially approved because of experiences in Luxemburg
and read the actual Axiom announcement, which in fairness the company constantly says to do rather than listen to exhuberant shareholders. I think Axiom should probably issue an announcement to clarify the situation but who knows if they will or if they will be required to.
Then of course it all comes down to landowner support as it always does in the Solomons.
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If you transpose the area that Axiom have applied for a ML over you can see that the vast majority of the area falls under the Bungusule landowner group headed by Chief Lawrence Maena. His support will be vital for any successful outcome. There is a small area to the south included in the Axiom ML application area that has two other landowner groups. But the big Dog is most definately Chief Lawrence Maena.
So there is only two scenerios in my view.
1. that the AVQ BULLS are right and Ryan has the full support of Chief Maena and that when the MMB meets at the end of the month the ML will be duly approved and things can get moving.
OR
2. that Ryan and Axiom do not have the support of Chief Maena and IMO that would mean that his land would be withdrawn from the Area under ML application. If this has been done it would make the ML area very small, even if they have support from the smaller area. This would be a significant disaster.
For those that talk to Brent Hoffman (company secretary) or Ryan perhaps they can ask them to shed some light on the progress with this important Landowner. Perhaps they can further assure interested shareholders that none of the area under Application has been removed and that the ML application that will be considered at the next meeting of the MMB will be the same as previously applied for.
The long long long wait continues.
