Based on the information available to it and as advised by management, Canyon expects that the likely timing for the grant of the Mining Licence may be in the first or second quarter of 2024, whilst a binding contract for port access and rail transportation of product is anticipated to be in place by the final quarter of 2024. Further, management of Canyon have outlined that there have been indications that a strategic partner will strengthen Canyon’s case for the grant of the Mining Licence, and therefore, the Proposed Transaction would fulfill this requirement of having an engaged strategic partner, being EEA.
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