Ann: Corporate Presentation - February 2018, page-11

iamagenius raises an interesting dilemma. I've been following HFR for 3 years now and am a fair way under water. On the one hand, the prospects look sounds, the commodity is needed and any day we could wake up to find approvals in place, the project underway and all the trauma vindicated. Those who stick with it will be hailed as farsighted genii.

On the other, I could be being just stubborn and unable to admit that I made an expensive mistake. If I stick with it I'll just be another fool who thought he knew better than the market. Sometimes I wonder if the Spanish Government is trying to wear HFR out so that it can pass the project to a favoured miner once we've done all the work.

Either way, regular, monthly updates from the company (even if they say 'still waiting') would be a massive improvement. It is our money....