The statue, carved to commemorate the Queen's 1900 visit to Belfast, was found abandoned behind a shed in May.
Belfast City Council voted on Monday night to site the statue in the Shankill area following months of controversy over where it should be erected.
But ahead of the vote, campaigners opting for a site in Botanic Gardens in the south of the city, said they would fight on if they did not win.
'Unjust'
One route under consideration is legal action to ensure they have the sculpture where they want it.
Billy Dickson of Blackstaff Community Development said a number of options were available to them.
"There's one which we will be implementing right away. We're keeping that under our hat at the moment," he said.
"We asked for reports. They weren't looked into, they weren't given, so therefore it is unjust and we will fight."
Plastic
However, councillors on the Shankill said the suggestion of unfairness was not true.
Hugh Smyth of the Progressive Unionist Party said such a suggestion was "absolute nonsense".
"The people who are opposing this have already had it deferred for three months," he said.
"They have come back with various different pieces of information and the decision by the committee has been the same - and that is that it's going to the Shankill."
The statue is now covered up with plastic sheets until restoration work can be carried out.