Nose: Salty sea spray jumps out the glass at first before revealing candied orange peel and a more refined version of the balsamic note present in other Highland Parks. Buttery toffee, raisins and oatiness. Or is it actually waxy with hints of ginger? What was that about shape-shifting again? Stewed apples and lemon zest now... and lime... and a little honey...
Palate: A hit of sweet smoke from the peated cask maturation gives way to cinnamon, ginger and increasingly nutmeg with marmalade. Slippery. (No really!)
Finish: Milk chocolate, ginger, a little marzipan before the toasted cloves that Highland Park promise make a late appearance.
Overall: This is a great dram. For the full 'Loki' effect I would actually advise not adding water even at 47.8% abv but doing so will reveal yet more notes (aniseed, marzipan, more ginger). The enigmatic nature is certainly good fun if not quite as dramatic as made out.