(1/2) There’s been a lot of skepticism and criticism around the communication (or lack of same) from Colonial Coal $CAD.V since the Material Change Report was released soon a year ago. I find it difficult to comment on because I overall agree with the sentiment and rationale of the critique - I’ve asked management to do more myself and have offered my own platform as well (free of charge). On the other hand, I talk to David weekly so I’m also privileged. That said, if you don’t call the guy a jerk, a liar or incompetent, he most often pick up. So just call him. That said, the below update is of course curated and calibrated with management. I would never say any of these things without verifying what can be shared and not. Lawyers accept individual shareholder communication as they can cut out the sensitive stuff. I’ve decided - given the fact that I’ve gotten +1000 retail shareholders into the name - that I want to keep them updated on what I know. Therefore… OCTOBER UPDATE Rough month on the ticker with new 2026 lows, but I have a feeling the next 2-3 months will dictate how the Colonial Coal saga ends. Over the past month, alignment with the Chinese suitor reached a critical milestone. The anticipated 5th meeting is currently being planned with it expected to take place over the coming weeks. Formal documentation has officially landed with government officials for review. While their blessing is not needed, it would be a cherry on the top to include the assurances in the deal paperwork and would speed things up later in the process. In other words, focus is now on coordinating the Chinese delegation's upcoming trip to Canadian soil - either with government on board or with focus on hammering out final details on deal structure and terms. Two major macro events stand out for September: (1) Prime Minister Carney’s investor summit in Toronto, and (2) the call for a snap election in British Columbia. The former is massive because institutional capital is finally being aligned for the infrastructure necessary to turn Colonial’s assets into live projects (think port capacity and logistics). The latter creates obvious uncertainty. Premier David Eby has been a key stakeholder in talks with our suitors over the past year, particularly in providing political assurances. The comforting part? Even if the election looks tough for Eby, the opposition won't leave us worse off. If anything, they are even more pro-development and would likely axe regulatory hurdles like DRIPA right off the bat. My understanding is that Carney and his office have been huge supporters of this transaction all year - and heavily involved behind the scenes. Hence, current provincial election timing isn't a dealbreaker. The Chinese aren't overly concerned about local BC political shifts; they want this asset, and Canada's broader trade strategy relies on them. If anything, this tight election race gives the provincial government a strong incentive to leverage a landmark foreign investment agreement on the campaign trail for a massive economic win ahead of voting day. My hypothesis remains that Canada is gearing up to announce formalized trade frameworks with both China and India in Q4. For both negotiations, a $5-10bn total investment into British Columbia (including mine build-out, infrastructure, port capacity, and jobs) would be a massive political trophy. I’ve continued to offer David and management a platform for an interview. However, their lawyers maintain a strict gag order. Management literally cannot comment right now because of the highly sensitive, state-level governmental entities involved in these negotiations - including officials across Canadian, Chinese, and Indian channels. I am, however, going back on the Danish radio show and podcast Millionærklubben later in October to give an update on this long-lasting adventure and ultimate test of patience.