Equatorial Resources: Update

Decision in c.12 months; Tim Foden joins team...

[If you caught the RNS last week, don’t bother reading this unless interested in my opinion on the facts presented]

While I’m, admittedly, a week late to the chase, there’s an important update regarding Equatorial Resources and their probability of collecting an award, once it is actually decided.

So, what’s all this about?

Their announcement essentially stated that:

• Tribunal decision in a year (indicative), following the completion of costs submissions in a few days

• Tim Foden / Boies Schiller Flexner has been brought to handle annulment (as needed) and enforcement.

My thoughts are two:

1. The decision seems late - 240 days post-hearing is the 9th July 2026. No reason for the delay is apparent, and the 240 day rule doesn’t seem to be applied here. Then again, it’s probably more the company being conservative - while I don’t doubt the decision will come after the 9th July, I expect it will be sooner than a year.

2. Tim Foden greatly boosts the odds of award collection. Of course the Tribunal has to actually decide on the award first, but having Tim Foden handle collection (fighting annulment counts in our heads as preserving collection prospects) is an excellent addition to the team. For those who don’t know, to take a snippet from a previous analysis…

‘They have the best track record in the space, with around a 80% win rate and only taking 3-4% of cases while expressing his pay is often on a non-recourse basis (no win, no fee), and you may recognise BSF from the cases involving: GreenX Metals, Indiana Resources, Winshear Gold, Lupaka Gold, Montero Mining, Silver Bull Resources, and Almaden Minerals.’

Bottom line takeaway here: decision ‘delay’ reason unknown, Tim Foden added to help enforcement / annulment phase; former delays return and latter boosts odds of collection