So to start with
"During the quarter, the Company entered into a damages-based agreement with a UK basedlegal firm to proceed further with the legal matter."
They need to expanded upon, this has value of the current market capitalisation and has been outstanding for three years now. Time to pursue it or write it off.
This is quite disturbing .. " Sierra Leone Ministry of Mines(MoM) informing Marampa Iron Ore (SL) Limited (Marampa SL) of the cancellation of theMarampa mining license ML05/2014 due to non payment of fees." The once flagship project worth hundreds of millions of dollars, now in a legal discussion and at risk of being dissolved by what they are claiming is a clerical error.
"The Company is currently investigating funding opportunities including offtake negotiationsand debt financing." - No funding to date, no statement as to the delay in this funding on the production schedules.
Overall a pretty standard CFE report, a lot of bluster, reports and designs here and there but nothing concrete or materially assures any progression to completion. As will all that TS touchs, it ends up in a court case and we have two in regards to Marampa.