Ann: Muga Project Update, page-4

OK.  Costs are firmer.  The "subsidence controls and exclusion zones around towns, infrastructure and objects of significant cultural importance." means the mining plan has been altered and now turns to the adjoining Vipasca resource after 18 or 19 years.

Salt.  HFR is promising to treat all water with discharges to public watercourses to be regulator compliant.It says it can sell the industrial salt byproduct for $11 a ton, which would be little above the transport costs, IMHO.

Still, HFR has now comprehensive addressed Spanish government objections around seismicity, subsidence and salt.

I think (hope, pray) we have arrived at actionable permitting.  Today's trading will show whether Mr Market agrees.

GLTAH

Ash