Ann: Phase 2 DFS Confirms Tier One Status of HMW Project, page-71

Submitting an EIA and receiving the associated approval is completely standard process that all developers must go through in every jurisdiction. Galan already has approval to construct and operate Phase 1 - the Phase 2 permits are in progress. Negotiating access to state owned resources on "new code" concessions is not standard across these companies on this chart - in fact it's uncharted territory even in Chile. These negotiations may result in terms which have a significant impact on the economics of the resource (e.g. providing a 50% free carried interest to a state owned mining company). This is completely different.