The comment by martin phillips is new, or at least I had not...

The comment by martin phillips is new, or at least I had not seen it. He is only corroborating what I and others have worried about for some time, which is that if you look at the balance sheet the cash reserve has plummeted from 55m in june 2021 (annual report 2021) to roughly 13m as of the expiration of the last quarter, largely spent on exploration and the lulea EVA pilot plant.

The run rate of Talga is difficult to calculate in the last two quarters. Mining has increased, the EVA plant is running, but exploration is winding down and the EVA plant is complete. I do not expect relevent revenues to be generated from the EVA plant, as per MT's previous comments, but it is likely a fair assessment to say it is in the neighborhood of 5 million per quarter.

The final decision was aligned for Q1 2023 for several months now, yes. However, there was supposed to be a court date this november if I recall correctly. In april of 2022 our expecation was this:

"The formal hearing is planned for a date during European autumn 2022. The hearing represents the final step before the Court handsdown its decision."

So what we need to know is, what has been delayed? The hearing, or the decision? If the hearing has been delayed 3 months, then the decision is delayed 3 months as well. If that is true, then Martin Phillips and Talga are indeed running into a bit of a problem. " court date for an environmental permit was postponed until February." Sounds to me that the hearing is delayed. Again, as I have been saying, we should build into our models the emergence of Delays.

Short term Talga has some financial questions to answer. We all know this. We will have to see what MT's solution is. MT very recently has said that Talga will not be stuffing it up at the very end after a decade's work, and that he is very much against dilution. I believe both of these statements. Martin Phillips has a good point though.