Interesting that hardly anyone is discussing the biggest risk to...

Interesting that hardly anyone is discussing the biggest risk to the project: that the concession can be terminated if the deadline below is not met. No Concession = No Project.
The more the project grows in value, the more shareholders should fear the risk that the local government will play hard ball in granting a mining license to a foreign company.

3.1.4
BOSNIAN MINING CONCESSIONS
Following the nation’s recovery from the conflict of the 1990s, the laws and regulations on mining in
Bosnia and Herzegovina are still developing and as a result some areas of the law on mining are unclear.
Exploration Concessions are granted by means of a concession agreement between the relevant level of
government and the concession holder. The Exploration Concession held by Eastern Mining is located
in the Zenica-Doboj Canton and is granted and regulated by an agreement between Eastern Mining and
the Government of Zenica-Doboj Canton. The Exploration Concession is also subject to other legislation
set out in the Legal Opinion on Title in section 6.
The Exploration Concession agreement requires Eastern Mining to commence the exploitation of ore
before 25 May 2020. In the event that Eastern Mining fails to begin exploitation before 25 May 2020 the
Government of Zenica-Doboj Canton can terminate the Exploration Concession.
Eastern Mining has provided a bill of exchange for an amount of BAM300,000 (AUD241,240) to
the Government of Zenica-Doboj Canton as security for the quarterly concession fee payable once
exploitation commences. The Exploration Concession agreement does not provide any guidance on
when the bill of exchange can be enforced.
In the event the Company wishes to commence exploitation operations it must obtain the consent of
all owners of the land subject to the Exploration Concession agreement through a land expropriation
process involving the Government of Zenica-Doboj Canton. This process can be lengthy and costly.
Further, if the Company commences exploitation operations, it will be required to pay a quarterly
concession fee. This fee is to be re-negotiated each quarter between the parties to the Exploration
Concession agreement. If the parties cannot agree to a fee, then the agreement can be terminated.
The Company has been advised that the provisions regarding the bill of exchange, land expropriation
and the quarterly concession fee in the Exploration Concession agreement lack clarity and that the
Company may need to re-negotiate these terms if and when it commences exploitation operations.
While it is the Company’s intention to comply with the terms of the Exploration Concession agreement,
there can be no guarantees made that, in the future, the Company will satisfy all of its obligations under
the agreement. If the Company does not comply with the terms of the agreement it may be in default and
the Exploration Concession agreement may be terminated, which would have adverse consequences for
the Company’s operational and financial performance.
For further information on the terms of and the laws and regulations attaching to the Exploration
Concession, refer to the Legal Opinion on Title in section