Exploration and development company Arrow Minerals remains in voluntary trading suspension on the ASX as it awaits clarity from Guinean authorities regarding the status of its exploration tenements, amid a government review that has cast uncertainty over the future of multiple mining permits in the West African nation.

The company entered a trading halt on May 19 in response to media reports that the Guinean government was considering cancelling a large number of exploration permits. Two of Arrow’s projects – the Niagara bauxite and Simandou North Iron projects – were listed in public statements as being among those under review. The halt was followed by a voluntary suspension on May 21.

Despite the reports, Arrow said on Tuesday that it had not received any formal notification from the Guinean government and that it continued to seek clarity.

“The company is engaging with all relevant stakeholders in Guinea on a daily basis to understand the current tenement situation following recent media reports,” said Arrow MD David Flanagan. “We are advised that this has also impacted most of the exploration tenements in Guinea.”

“Based on our many discussions with government officials and other key stakeholders, it is our understanding that the Guinean government will complete a review of each tenement and the capabilities of the relevant operating companies,” Flanagan added. “Companies can expect to be advised of the outcome of the review.”

Arrow said it had been advocating for its team’s development credentials and track record, and noted the government had committed to resolving the issue promptly.

“As at the date of this announcement, the company has still not received any formal notice from the Guinea government,” the statement read.

Meanwhile, Arrow reported that it had completed major components of its scoping studies for both the Niagara and Simandou North projects. For Niagara, the study included mining, transport logistics, and financial modelling, supporting the viability of a starter-scale operation designed to fast-track production and cashflow. However, finalising the results was contingent on renewal of the exploration permit.

The company had not yet exercised its option to acquire the Niagara bauxite project, which remains conditional on a permit renewal of no less than two years.

Arrow has also advanced work at Simandou North, where it completed a scoping-level estimate of process plant capital and operating costs, alongside additional beneficiation testwork. The iron-ore project lies adjacent to the globally significant Simandou development and is within 25 km of the Trans-Guinean Railway corridor, which is expected to offer third-party access.

Arrow’s shares remain suspended.