Ann: Application for Permanent 200-Person Camp at HMW, page-18

@mondyinvest everyone is subject to the same inflationary pressures, therefore the whole industry cost curve shifts. The absolute cost does not matter so much as the relative cost i.e. GLN's position on the cost curve. Sure higher CAPEX is a barrier to entry, but that also means other new entrants have a higher CAPEX hurdle to jump, which limits new production coming on stream.

At HMW, its clearly at the lowest end of the cost curve and with Candelas, the lower end. CAPEX will be lower under a chloride pathway, and OPEX benefits from low impurities and high grade.

Today's announcement is obviously pointing to a successful DFS - why would you construct a camp if the DFS was looking marginal?