Ann: Santa Comba shows improved recoveries ahead of DFS, page-21

Thanks for your reply, it's appreciated. It does answer some of my questions.

I'm wary of San Finx being promoted as a quick pathway to production. The water discharge licensing required for SF has the potential to be dragged out for as long as mining negotiations for SComba. I get why they've contracted in country negotiators/lobbyists.....they're going to need them to get the approvals we need. I really like the complimentary assets they've assembled in Iberia, I'm skeptical only as to when we're going to see any tangible movement on development due to bureaucratic foot dragging. The Fraser Institute (well respected) annually lists mining jurisdictions from best to worst & in the last one released last year (reflective of 2020) Spain unfortunately comes in regularly in the bottom 10 (only beaten as worse by Venezuala, Tanzania, Argentina, Indonesia, Bolivia, Zimbabwe in that order). That isn't good company to be in. It's a 'safe' jurisdiction with regard to tenure but is lumped there because of the hurdles in development approval. This is my reservation here & I sense this is what RFR are coming up against & I'm not sure we're fully cognisant of this. Fingers crossed I'm wrong but the drawn out negotiations with SC give weight to it being problematic. While having wonderful projects caries immense weight, ultimately you have to be able to develop them in a timely & cost effective way. The question I'm asking is can RFR deliver on this?