Repost from Zorg on Tuo BBRegarding the Frank/Seabridge symposium....
I listened to this. Rudy mentions the Licence of Occupation and the permits to construct the portals.
The LoO expires in 5 months. Substantially Starrted Status will not occur until 2026. The court decision correctly points out that Seabridge has access to TC since the LoO is still in effect, but does not address what happens after it expires or the legality if stepping on Tudor's resources while building the MTT.
the LoO does not convert to a Statutory ROW until the MTT is complete.
In the interview Rudy points out that Tudor made several changes to its TC approach with the latest resource estimate. This is similar to what Seabridge did recently when it split KSM into gold dominant and copper dominant projects. That's like the pot calling the kettle metal.
So I'm still not clear on the time frame between this Sept. and 2026. Who has given SEA access authority to TC during that period of time after expiration of the LoO and with no SROW? And with the wording of the LoO regarding protection of mineral assets, who has given SEA authority to dig up any Tudor minerals while building the MTT?
This leads me to believe there will be more litigation after the LoO expires unless a deal is made. The hard part is that the deal needs to be fair to shareholders of the Amigoes and SEA and also needs to leave enough room going forward for the JV partner and the holders of the various NSR's (TUO and St Andrews Goldfields). Lots of moving parts.
All I see right now are hardened positions. Rudy not willing to compromise on a perfect deal for SEA , KK not willing to give in to that outcome at the expense of TUD shareholders. Both are defensible positions. I personally don't think there will be a break in the logjam until someone with vision comes in over the top, combines KSM and TC into a single project and eliminates ownership questions by owning all four companies and buying out the SAG NSR to make all overhangs go away. I don't see any companies in the free world with the capability to do that, so I'm looking to a company from China quite frankly.
The courts have encouraged a deal between the parties. The courts are very much aware that a decision to allow SEA to overrun TUD resources would represent a major government policy change which allows for the taking of one company's resource assets and awarding them to another company. Say goodbye to the "friendly" mining jurisdiction in BC.
As both companies have tried to spin the court decision in their press releases, it has only made the issues more transparent and obvious.
It could take a great deal of time to sort this out. On the plus side, that would give the POG time to increase .making the eventual outcome better for all. On the downside, delays could cause some of the parties to make rash decisions in the interest of resolutions that might not be in everyone's best interest.
I see volume in Tudor stock recently. Is some group accumulating? Does that make Mr. Sprott a wild card with his stake in Tudor?
Rudy thinks 2024 is the year. If he's right it will be really interesting for all of us. Will KK have any more time after 2024 to sew up Goldstorm and produce a final domain map, PEA, etc? I'm open to input on all of these questions?
Do your own DD. GLTA. Doug