The title of this report is a graffiti quote on an old building near Berkeley Energia’s (BKY) Retortillo uranium mine development site. Translated, the graffiti says, “uranium no”, which is crossed out to say “uranium yes”. This reflects the conjecture weighing on the mine’s final permitting. The actions of the local community to ward off mainly non-residents in a recent anti-mine protest shows the local support. Similarly, a public statement by the Regional Castilla y León Government yesterday urging the Central Government’s approval for the project, highlights the provincial support. This statement was in response to media reports containing an anonymous government source stating, “The [Central Sanchez] government will wait for the ongoing proceedings to go through but it will say no [to the required permits],” This media quote remains unsubstantiated, but has caused BKY shares to tumble 45% this week. If BKY is successful in attaining the remaining permits, we expect a significant share price re-rating.
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