Ann: Corporate Presentation - July 2018, page-6

Monny,

We could read this situation a little differently.  

All enthusiasm, all the rosy upside has been washed out of HFR, replaced by a cold calculus of the likelihood of the Spanish government permitting mining on worthwhile terms.

As Spain allows mining without royalties or taxes, there is no incentive for the government beyond the modest increase in economic activity.  They will be more concerned about consequences - salt, subsidence and remediation - the final sticking points.

68c is the bottom IF Spain promptly approves the mine as HFR strenuously asserts it will (and has claimed for nearly 3 years).  Delay or fresh objections now will send the share price into a tailspin.

Do you feel lucky?




Ash