See SMM quarterly report, page 12:...

See SMM quarterly report, page 12: http://www.smm.co.jp/E/ir/financial/roadshow/pdf/111115_setsumeikai_E.pdf

Extraordinary that SMM haven't disclosed to their investors:
1) that they don't have a prospecting license
2) that an injunction is in place to stop any activities by SMM and AVQ
3) that SMM are currently engaged in SI High Court litigation over this matter.

SMM have not only failed to disclose material information to the market, but in the latest quarterly they are wilfully misleading investors over the status of this project.

I wonder if Japanese regulators would be interested in this? In Australia there is no way they would get away with this...