Mr Mount further added "We are very pleased with this result. This week’s ruling coupled with the further undertaking obtained this year, as to damages and costs which are now guaranteed by the SMM Solomon Limited’s parent company, Sumitomo Metals and Mining Co., Ltd in Japan, means that we are assured both financially and exclusively to the prospecting licensing rights if the court rules in our favour in the trial."
Early this year, given the duration of the proceedings, Axiom foreshadowed that it would apply to the High Court seeking orders that Japan Oil, Gas and Metals National Corporation and Sumitomo Metal Mining Co., Ltd (Japan) provide to the High Court an undertaking as to Axiom’s damages in addition to the undertaking as to damages already given by SMM Solomon Limited. In response, Sumitomo Metal Mining Co., Ltd agreed to give an undertaking to the High Court guaranteeing the obligations of SMM Solomon Limited in relation to the undertaking as to damages. Damages and costs claims may be subject to recovery proceedings.
TD. The court case is looking favourable toward Axiom. Your guesswork that the Landowners, the Government and Axiom will lose the case is pure speculation without substance or evidence. The SMM Solomon announcement is no evidence, it's a sheet of paper without name or letterhead, no-one is liable for that un-named document. (Did you write that document for SMM ???)
How much damage and cost have Sumitomo incurred on Axiom ???
Say around $10 mil court cost and anywhere between 100 mil to 500 mil damages.
The compo alone could lift the SP by around 500%
AVQ Price at posting:
1.7¢ Sentiment: Buy Disclosure: Held
