"Have you considered that GRZ may not be all that upset if the appeal period expires without any response from MinAmb?"

Nope, I don't own any (yet) so I don't think much on their situation.

Clearly, GRZ is in a better position to move on and collect a very large amount from Venezuela in the event of default. That said, the faster road to a higher share price for GRZ would be a permit, even if under a deal like KRY has rather than a concession.

GRZ is helpful to KRY since they are a lot more feisty and have earlier deadlines. I am a litle surprised that GRZ doesn't have the same level of talks going as KRY, at least according to published reports.