Now is a good time to report some snippets from my long...

Now is a good time to report some snippets from my long conversation with MT on Nov 31. I left the conversation VERY reassured.

Some things I am not sure he would want reported so I am restricting these comments to matters I am confident should be in the public domain.

1 He was blindsided by LKAB, who informed Mitsui first. Until the very last moment he had been confident LKAB would sign an extension to the LOI.

2 He acknowledges the Tripartite Update release on Nov 30 was unsatisfactory to retail shareholders, but under disclosure rules he had to say something quickly. LKAB urged him to say nothing.

3 after the initial shock he felt relieved, not least because the Sami have been historically mucked around by LKAB. Having the heavies drop out will benefit future relationships with the Sami
. Also, he had concerns about dealing with a State body forever, and the potential handbrakes to future progress and business flexibility. His dreams are 10 and 20 years over the horizon and they are very big dreams. He does not seem to believe disruptive businesses can thrive with government partners.

4 He likes dealing with Mitsui and shares many of their values. (Todays news makes that plain.)

5 LKAB is not completely out of the picture, but even if they were, their absence is NO impediment to permits.

6 There is NO impediment to funding.

7 There is a “deep well” of potential partners and sources of funding.

8 Decision making should now be smoother and faster.

9 he loathes dilution.

10 many of his bigger shareholders were buying rhe dive on Nov 30 and continue to add.

That’s about it. I am a larger shareholder but I am sure MT makes time for everyone. A tip: he has scant regard for crystal ball questions like “ where do you see the SP this time next year?”But if you have a specific, technical question, he will answer it.