Ann: Corporate Presentation - July 2018, page-27

You pose a good question, bouris:

What is HFR worth with permits pre-mine construction?

The overall mineral resource is large and ideally placed to supply SW European agriculture by road and rail with good port access for further afield. Processing is straightforward with known technology.

There are a number of global fertiliser producers who would highly motivated to add a potash stream to their operations and lock out a new rival.

I like the sound of $2.40 a share. Has anyone on HC done some sums and willing to share?

It is high summer in Spain and everyone is on the beach with a jug of Sangria. No permits this month.

Any hint of a takeover or permits will send HFR flying through the air. The current price recognises neither.

Ash