Ann: Update on Muga Project and Sierra Del Perdon, page-2

It's the salt. It was always about the salt. The Spanish governments have no interest in above-ground salt storage - fair enough!

"The modifications undergoing review include the bringing forward the backfilling and salt production plants from Phase 2 to Phase 1, both of which will now be implemented as part of Phase 1 production to facilitate salt residue management;"

This raises initial capex and process complexity.

The time extension to the clarification submission to August will likely be needed, based on past performance.

Ash