RE:No questions answered "What's still unclear is how Covid affected timing of the Certiticate of Reserves and when this will officially be obtained. High level thoughts were provided but nothing concrete. I'd like an answer on this if someone knows more".
Lets face it, Serbia shutdown for business during Covid-19 and when that occurred, the labs were shutdown for business, so no core samples were anlayzed for the Certificate of Reserves - Part 1. Then some businesses were reopened for business, with restrictions of PPE and spacing distances. This meant less employees in the limited lab space, so longer time spent analyzing our core samples, and designing the 3D computer modeling program for Part 1. Remember the lab had to provide analysis on every sample ever drilled at Piskanja, about 120 samples, with specific test requirements requested and at a slower pace due to circumstances.
I really dont know how much Serbia time was consumed, but I do know it was at a turtle pace, as it always is, "SLOW".
IMO, Part 1 is done, it has been reviewed by the independant committee and submitted to the Ministry for approval, and obviously it wouldnt be released until the binding Partnership Agreement was signed off by both parties and approved by the Regulators soon.
As we know the Agreement was signed off June 17th, 6 months to the day the LOI was signed off. First things first, the Regulatory approval has to announce their approval process for the binding partnership Agreement.
If you reviewed the Conditions in the Partnership Agreement closely, after Regulatory approval completed then Temas provides 250,000 shares & 250,000 warrants to Erin Ventures. When that occurs, Temas has an exclusive, immediate, and irrevocable option, subject to the terms of the Agreement, to earn up to a 50% equity interest in the Piskanja defined license area and Erin's contractual option interest in the adjacent Jarandol licensed area).
Upon receiving requisite regulatory approval, Temas will make a one-time payment of 250,000 Temas common shares and 250,000 Temas common share purchase warrants to Erin.Temas may exercise the option, forming the joint venture becoming a full 50/50 joint venture participant in the Property by expending a total of 10.5 million-Euros towards the development of the Property. Parts 1&2 will consume $3.0M Euros and balance of $7.5M Euros
will go into CAPEX(Capital Expenditures) for the mine.
In summary, we wait for Regulatory Approval on binding Partnership Agreement, then Temas initiates a one time payment of shares/warrants, followed by Temas to exercise the Option forming the joint venture becoming a full 50/50 joint venture participant in the Property by, expending a total of 10.5 million-Euros towards the development of the Piskanja property.
Once money is layed on the table then costs to the Ministry are paid for Part 1, and we move on to Part 2 which I suspect some of those components are already completed, and the mining license is granted early summer 2022.
All these steps will be done in an orderly fashion and progressively before Part 1 is announced as completed. Have a great day.
(bb-99)