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This article from May certainly makes it sound like production could come 2025, permit dependent.

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"Advancing Henkries

The next step for the new kid on the mining block is to increase the size of the resource by drilling another 6 500 m, updating the mineral resource estimate (MRE) and the projects’ capital and operating costs, as it targets a development decision by the “end of 2024 or earlier”.

After completing a Preliminary Economic Assessment, Neo Energy will initiate a full feasibility study, which is scheduled for completion before year-end. An environmental impact assessment (EIA) will run in parallel and is earmarked for completion early next year, after which the company will apply for a mining right.

“After updating the PEA, we will be engaging with our key investors to determine their appetite for fast-tracking project development to significantly shorten the above timelines.”

Despite the DMRE’s snail’s pace in awarding mining licences, Heathcote remains optimistic, stating that “in our worst-case scenario, we anticipate the award of a mining right by 2025 and a move into construction and production shortly thereafter.”

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https://www.crown.co.za/modern-mining/industry-news/28306-uranium-rebound-neo-energy-advances-henkries-project

Hi all, a new write up for NEO can be found below.

Nothing new in there really.

While researching NEO (I only invested this month), I found the Henkries deposit interesting. It should be really easy to mine (open pit), with the Uranium being at such a shallow depth, meaning start up would be much simpler & quicker to mine. Possibility for it to be producing by the end of next year easily.

If NEO can get the funding over the line this could really motor

https://www.share-talk.com/top-12-small-cap-stocks-to-watch-in-2025-part-2-kod-mnrg-neo-ondo-polb-ree/

"Somebody has also observed that given the size of the project, above a certain threshold, it should never have involved CRUI and should only have been reviewed by the central government anyway."

Indeed this is my point, a national government minister is still insisting that the CRUI are the only ones capable of issuing the permit & he sits on the CRUI board.

I have emailed Emmerson & offered any or all of the correspondence I have had from the Department of Industry and Commerce & in particular emails from a minister who also sits on the Rabat CRUI committee.

The emails confirm that the national government left the granting of the ESIA entirely with the CRUI.

Which might be a point in the legal case.

No reply back as yet.

The biggest worry I see here with the arbitration is from the CRUI website which states that there is an appeal process but once the appeal has been refused there isn't anywhere else to go.

If they do try this route however, I have an email from a minister who suggests Emmerson should come back with an update then re-evaluation is possible.

“When you’re willing to sacrifice the short term for the long term, that’s when the BIG stuff happens.”

Pinned tweet from yesterday on his X page.

I wonder if he's telling NEO holders to be patient & wait for news which might be even more positive than originally thought?

Hello all BTW, bought in here last week with some of the scraps left from the Emmerson debacle. Hoping for a better result here.

Testpack, I have screen shot of a message from him (CFO), so defiantly him.

"to say I feel let down by the state of Morocco would be a massive understatement, they lied to us & to me"

"I gave them far more credit for honesty than they deserved."

Someone else who had comms with the team, thinks its all over & the legal route for compensation/selling the licence area is now the only game in town.

There is no doubt there will be a potash mine but not owned or run by Emmerson.

The mining rights will be worth something as well as the money already spent on basic engineering & surveys.

It's down to the legal team as to how much Emmerson are owed & what they can get.

Thorpe1

The basis of Graham Clarks confidence was what the Moroccan authorities were telling him.

We now know though (Via the ex CFO), that the Moroccan government lied to Emmerson.

This is the basis of the dispute, damages for the costs spent including the purchase of the mining rights/time/ drills/assays/basic engineering etc.

The other way Emmerson might be able add value is to sell their current mining blocks & the claims to the NE to OCP.

Given that would almost certainly triple/quadruple their resource it must be worth something.

Testpack quote,

"'administrative quirks' in the authorities dealing with EIA. !!!! In a nutshell, the (alleged) 2 bodies could not agree between themselves on who is responsible for the EIA, and even if the EIA is an issue at all.?"

I have emails from the Morocco Ministry of trade (so a national government body), who stated that the RIC is the only competent commission to rule on the conformity of projects with environmental requirements.

The department of industry & commerce (again a dept of the National government), also told me they sit on the RIC commission.

So its difficult to work out how one can blame the other given they are so entwined.

Diottica, it isn't about water. The Moroccan government have changed their minds about wanting Emmerson to mine there.

The claim is for Morocco encouraging Emmerson to build a mine & then changing their minds.

They lied to Emmerson over this & will hopefully settle with a large compensation deal.

"Emmerson will seek at least $2.2bn in damages, from a source in the British company."

https://medias24.com/2024/11/01/exclusif-emmerson-reclame-un-montant-astronomique-au-maroc/

According to the late CFO senior officials in the Moroccan gov lied both to him & Emmerson.

I wonder if any of the lies are in paper format. That would certainly help.

"The EML project is jump alive.

OCP don't start a underground mine, they don't have the knowledge, even not for a factory.

OCP don't have mining permits in Khemisset, but Ohnym yes they have !"

OCP have been build their mine in Khemisset since 2021, they own blocks within the Emmerson mining area (see Emmerson website), they already have a resource of 350mt.

Jessa (a subsidiary of OCP), are the ones building the mine.

The difference between OCP & Emmerson is OCP have vast financial resources behind them, not forgetting they are part owned by the Moroccan gov.

Maybe, according to the late CFO, the Morocco gov lied to him & Emmerson.

Maybe its finding someone they can trust.

Emmerson are nothing, OCP are cracking on eventually in a few years time they might by Emmersons blocks but for now they don't need to.

This went south when OCP decided to mine there.

The below is from Jim Wynn, via Whatsapp

"to say I feel let down by the state of Morocco would be a massive understatement"

"they lied to us & me"

"very sad i feel for graham everybody blames him"

It’s definitely the mining rights not the land.

OCP don’t need to do a deal, they are cracking on building a potash mine to access their own resources.

By the time they need Emmersons blocks I fear that Emmerson will be well gone.

Our only hope here is that the Moroccan government were & have been sincere regarding granting Emmerson the permit.

If they have done the dirty & never intended to allow Emmerson to mine then it’s game over or a legal route. Which might well be what we are waiting for the BOD to decide.

I think this started going south for Emmerson when OCP decided they wanted potash.

Their mining blocks are completely surrounded by Emmerson's but they had the money to start building the mine, it has been in construction for around 2yrs now.

They can wait & be mining for years before needing Emmerson's blocks.

In 10yrs time what is the worth?

I am really not sure what to make of the current status quo.

I know everyone wants to blame the BOD but some of the info which came out on twitter over the last few days regarding the honesty of the Moroccan government makes me think Graham & Emmerson have been well & truly misled.

Where does this leave us & Emmerson?

Not sure if there are any appeals process & also not sure if it was the regional gov or the national one that the post referred to.

In Safi, three monobloc seawater desalination stations have been established as temporary solutions to guarantee a steady supply of drinking water in areas most at risk.

These facilities, with a combined capacity of 25 liters per second, were funded by MAD 48 million ($4.8 million) from the Ministry of the Interior.

https://www.moroccoworldnews.com/2024/08/364774/safi-province-deploys-desalination-stations-to-counter-severe-water-shortages-amid-drought#google_vignette

I don't believe Emmerson would need desalinated water given we are digging salt out of the ground but this is an interesting article.

Already in use in Morocco a portable desalination station.

https://www.chinadaily.com.cn/a/202410/14/WS670c75f0a310f1265a1c7679_1.html