TLG Ann: Court Rejects Appeals Against Vittangi Mine - 1st Sep 2023, 8:11am

[annb0t]

TLG Ann: Court Rejects Appeals Against Vittangi Mine
Price Sensitive: Y
Date: 1st Sep 2023, 8:11am

>>> Read announcement: Google: TLG Market Announcements

 

[WheresTheMonkey]

YIPPEEEEEEEEEEEEEEEEEEEEEEEEEEEE !

 

[Monkeymandan]

Looks like 2023 could be transformational after all!!

Credit to the original judges too. Six appeals is not normal. Their judgement clearly left no stone unturned.

I assume the permit remains in its ‘hold’ status until the window for Supreme Court appeals closes and any appeals are weighed up? In which case I imagine offtakes and financing will probably continue to tread water until that process runs to ground?

 

[anbuck]

In addition to the Supreme Court, we also still need the detailed building plan that Kiruna has so far voted to block. It's just a matter of time now though. Talga is now a runaway train and nothing can stop it.

 

[WheresTheMonkey]

Looks like 2023 could be transformational after all!!

Credit to the original judges too. Six appeals is not normal. Their judgement clearly left no stone unturned.

I assume the permit remains in its ‘hold’ status until the window for Supreme Court appeals closes and any appeals are weighed up? In which case I imagine offtakes and financing will probably continue to tread water until that process runs to ground?

I doubt there will be an Appeal. Far too much money to commit (at that level you need to provide financial guarantees for the other side's legal fees) and if it is like Australia or the UK/British Empire Commonwealth Countries then your average city lawyer ain't going to cut it at that level. So you will need someone to act pro-bono and with little chance of success I doubt anyone would take it on now.

But yes minor delays but the short covering should start immediately as even they will se that the game is now up

 

[WheresTheMonkey]

In addition to the Supreme Court, we also still need the detailed building plan that Kiruna has so far voted to block. It's just a matter of time now though. Talga is now a runaway train and nothing can stop it.

Yeah but we (via the NIMBY's own lawyers) have established that the local council does not have the power to block that due to the new Federal laws in place. But Yes they can cause annoying delays until the Feds tell them to stop fvcking around.

 

[WheresTheMonkey]

12.8 million shares were net shorted as of last Thursday (8 days ago). The volumes since have been pretty low so that figure likely still is around about that.

We should see a lot of covering today.

The game is up !

I'm thinking of putting up 50,000 sell order at $2.40 ..............LOL

Move a bit into LTR which is looking likely to become a lithium giant next year

 

[anbuck]

I doubt there will be an Appeal. Far too much money to commit (at that level you need to provide financial guarantees for the other side's legal fees) and if it is like Australia or the UK/British Empire Commonwealth Countries then your average city lawyer ain't going to cut it at that level. So you will need someone to act pro-bono and with little chance of success I doubt anyone would take it on now.

But yes minor delays but the short covering should start immediately as even they will se that the game is now up

The Nature Conservation Society has appealed to the Supreme Court for other mines, so I expect that they will in this case too.

 

[WheresTheMonkey]

The Nature Conservation Society has appealed to the Supreme Court for other mines, so I expect that they will in this case too.

Yeah but on at least one occasion they dropped it at the last minute

 

[TentCity]

Patience and common sense has prevailed once again! The bar to appeal has just been raised again to take it to the Supreme Court - so very unlikely to falter from here.

As per the investor webinar yesterday, the financing and offtakes are just waiting for the appeals process to be complete and we've just taken one major step forward with this announcement.

My question on the Cathode Additives was answered yesterday and sounds like that qualification program alongside Talnode-Si is progressing very well behind the scenes - so hoping to hear more new on those programs before the EOY.

Naturally a few posters were suspicious on whether the lithium announcement was a ruse to distract investors from a negative permit decision has fortunately turned out not to be the case. Will be very interesting to see how they take that forward and see what kind of partnership/s they consider to progress or go solo if the prize if big enough. We know from his track record MT won't give away upside to partners easily!

 

[WheresTheMonkey]

12.8 million shares were net shorted as of last Thursday (8 days ago). The volumes since have been pretty low so that figure likely still is around about that.

We should see a lot of covering today.

The game is up !

I'm thinking of putting up 50,000 sell order at $2.40 ..............LOL

Move a bit into LTR which is looking likely to become a lithium giant next year

Bit of a muted response on the ASX at just 7% up.

Does the Market fear a CR for working capital ?

Pretty obvious we will soon need one

 

[TentCity]

Bit of a muted response on the ASX at just 7% up.

Does the Market fear a CR for working capital ?

Pretty obvious we will soon need one

I just double checked the last quarterly cash flow and they had $38.5m in the bank (or just under 4 quarters worth of funding left), which should take them comfortably into next CY.

Probably depends on how quickly they can get access to the EIB and corostium of bank debt financing post any final appeals to the Supreme Court deadline of September 26.

Talga may also want to ramp up the expenditure on long lead items for the anode plant and mine now with this approval - so i'm tossing up whether i top up more here at these attractive levels or see if there is another cap raise to participate in.

 

[WheresTheMonkey]

I just double checked the last quarterly cash flow and they had $38.5m in the bank (or just under 4 quarters worth of funding left), which should take them comfortably into next CY.

Probably depends on how quickly they can get access to the EIB and corostium of bank debt financing post any final appeals to the Supreme Court deadline of September 26.

Talga may also want to ramp up the expenditure on long lead items for the anode plant and mine now with this approval - so i'm tossing up whether i top up more here at these attractive levels or see if there is another cap raise to participate in.

View attachment 43540

Most of that $38M is for plant and equipment (Refinery) I thought. Can't remember my calcs but I thought we had only two quarters left for working capital which gets us past September. The EIB won't lend to keep the lights on they want security over plant & equipment.

I suspect MT is out of bullets until the end of September when things (EVERYTHING) can finally go binding. Then the bullets should really fly

 

[Monkeymandan]

I just double checked the last quarterly cash flow and they had $38.5m in the bank (or just under 4 quarters worth of funding left), which should take them comfortably into next CY.

Probably depends on how quickly they can get access to the EIB and corostium of bank debt financing post any final appeals to the Supreme Court deadline of September 26.

Talga may also want to ramp up the expenditure on long lead items for the anode plant and mine now with this approval - so i'm tossing up whether i top up more here at these attractive levels or see if there is another cap raise to participate in.

View attachment 43540

I’m inclined to think we will see one more CR, although hope they would hold off until October when we should hopefully have final closure on the appeals, and a tidal wave of announcements around financing and offtakes smashes us north of $2 for the last time. Until then I think we’ll slowly drift upwards.

I get the feeling we’ll see their expansion plans very soon after the curtains close on any SC appeals too. No doubt this will have been a big focus during the past few months of waiting.

 

[TentCity]

I’m inclined to think we will see one more CR, although hope they would hold off until October when we should hopefully have final closure on the appeals, and a tidal wave of announcements around financing and offtakes smashes us north of $2 for the last time. Until then I think we’ll slowly drift upwards.

I get the feeling we’ll see their expansion plans very soon after the curtains close on any SC appeals too. No doubt this will have been a big focus during the past few months of waiting.

Yeah I won't be shocked to see 1 more cap raise between now and production. Also, we are still yet to see who those strategic partners might be on the equity side and whether that will be done at the project level vs parent level.

MT will likely get some good PR through the groundbreaking ceremony with prominent Swedish & EU Politicians in attendance. There is also time for additional announcements on Talnode-Si commercial arrangements; debt financing & offtake agreements in the next few months prior to any raise - so it would ideally be done at a higher share price than today.

I've hedged my bets and purchased more Talga shares today and left some in reserve if there is a cap raise later this year. This announcement today is the ultimate de-risking event thus far and I feel confident there will be no traction at the Supreme Court level to change this. Talga have proven they can produce automotive grade anode via the EVA plant for 18+ months now - no reason they can't do that on a slightly larger scale given their know-how.

Would love the EU meanwhile to get their shit together and declare Vittangi a project of national significance and provide funding assistance like they have done for battery manufacturers and auto manufacturers.

 

[JNRB]

Bit of a muted response on the ASX at just 7% up.

Does the Market fear a CR for working capital ?

Pretty obvious we will soon need one

I assume the muted response is b3cause most of the market is feeling the same thing I am:
Surprised and fuking pissed-off that the permit granted months ago STILL hasn't taken effect!!

I mean what the hell Sweden!?!
I don't know of anywhere else that works like this. Everywhere else, if a court (or ruling/regulatory body) makes a decision, that decision is in effect immediately. That's the fking point. If you need immediate relief during an appeals process then you get an injunction or equivalent. Otherwise, just make the appeals part of the process.
Oh yeah that's right, the NIMBYs DID have every chance to submit their objections and reasoning, during the many-year-long application process.

-Talga has done everything right.
-Court has ruled (TWICE) that talga has done everything right.
-Nimbys have had multiple years to make reasonable objections.
-But despite all this, for some reason we now have to sit on our hands to give them even more time to have a whinge....

Sweden can use whatever terminology they want, but a permit isn't 'granted' until the party it's granted to can actually benefit from it. They should just call it 'provisionally approved' or something.

It's a fking stupid system.
Market won't pay much attention until permit is ACTUALLY granted, not on-hold while noisy nimby's fk around.

 

[Vigdorian]

If there are any appeals , given our recent experience with the Swedish courts , I wonder how long the final leg of the judicial process will take.
Will the September 28th cut off be miraculously stretched into Oct/Nov ? How quickly will the Supreme Court make a determination if there is any ground for appeal ? If an appeal is granted (whatever the chances may be) , how quickly will the process take (3 months -12 months) ? Time is money for both parties , so I wouldn't be surprised if an appeal is lodged (and we have no idea if the appellants have fired all their mushrooms , I mean bullets) to see if the court is receptive to hearing the counter argument (Sami rights or that the project should be judged as a whole rather than sum of the parts) ... and then perhaps they'll try to engage Talga in similar tactics as the bluelake mineral case (tardey mentioned on HC) before licking their wounds and walking away when they realize all avenues have been exhausted.... I really hope , the last leg of the multi is quick and simple.

 

[anbuck]

If there are any appeals , given our recent experience with the Swedish courts , I wonder how long the final leg of the judicial process will take.
Will the September 28th cut off be miraculously stretched into Oct/Nov ? How quickly will the Supreme Court make a determination if there is any ground for appeal ? If an appeal is granted (whatever the chances may be) , how quickly will the process take (3 months -12 months) ? Time is money for both parties , so I wouldn't be surprised if an appeal is lodged (and we have no idea if the appellants have fired all their mushrooms , I mean bullets) to see if the court is receptive to hearing the counter argument (Sami rights or that the project should be judged as a whole rather than sum of the parts) ... and then perhaps they'll try to engage Talga in similar tactics as the bluelake mineral case (tardey mentioned on HC) before licking their wounds and walking away when they realize all avenues have been exhausted.... I really hope , the last leg of the multi is quick and simple.

The speed that the court claims is the same as the court of appeals: three weeks to lodge the appeal and one week to rule on leave to appeal. The court of appeals didn't stick to this because of the summer holiday and also a case backlog. Holidays shouldn't be a problem this time, but a backlog could. As Catdog pointed out previously, there was a news article that implied that the supreme Court had taken 10 months to deny leave to appeal in a previous mining case, so I suppose a long delay like that is possible, but my sense, based on nothing in particular, is that the supreme court will rule rather quickly.

 

[WheresTheMonkey]

I assume the muted response is b3cause most of the market is feeling the same thing I am:
Surprised and fuking pissed-off that the permit granted months ago STILL hasn't taken effect!!

I mean what the hell Sweden!?!
I don't know of anywhere else that works like this. Everywhere else, if a court (or ruling/regulatory body) makes a decision, that decision is in effect immediately. That's the fking point. If you need immediate relief during an appeals process then you get an injunction or equivalent. Otherwise, just make the appeals part of the process.
Oh yeah that's right, the NIMBYs DID have every chance to submit their objections and reasoning, during the many-year-long application process.

-Talga has done everything right.
-Court has ruled (TWICE) that talga has done everything right.
-Nimbys have had multiple years to make reasonable objections.
-But despite all this, for some reason we now have to sit on our hands to give them even more time to have a whinge....

Sweden can use whatever terminology they want, but a permit isn't 'granted' until the party it's granted to can actually benefit from it. They should just call it 'provisionally approved' or something.

It's a fking stupid system.
Market won't pay much attention until permit is ACTUALLY granted, not on-hold while noisy nimby's fk around.

 

[WheresTheMonkey]

I assume the muted response is b3cause most of the market is feeling the same thing I am:
Surprised and fuking pissed-off that the permit granted months ago STILL hasn't taken effect!!

I mean what the hell Sweden!?!
I don't know of anywhere else that works like this. Everywhere else, if a court (or ruling/regulatory body) makes a decision, that decision is in effect immediately. That's the fking point. If you need immediate relief during an appeals process then you get an injunction or equivalent. Otherwise, just make the appeals part of the process.
Oh yeah that's right, the NIMBYs DID have every chance to submit their objections and reasoning, during the many-year-long application process.

-Talga has done everything right.
-Court has ruled (TWICE) that talga has done everything right.
-Nimbys have had multiple years to make reasonable objections.
-But despite all this, for some reason we now have to sit on our hands to give them even more time to have a whinge....

Sweden can use whatever terminology they want, but a permit isn't 'granted' until the party it's granted to can actually benefit from it. They should just call it 'provisionally approved' or something.

It's a fking stupid system.
Market won't pay much attention until permit is ACTUALLY granted, not on-hold while noisy nimby's fk around.