Ann: Investor Briefing Webinar Presentation, page-31

The no upfront payment with the €5m agreement is part of the San Finx deal. Still, meetings this week suggest the terms for Boralha and Villaverde will be favorable. The lunch meeting with Montalegre's deputy mayor Mr Teixeira, Mineralia's Mr Barros and local biz leaders was particularly positive, and should help counter local nimbys and their big fuss. Council will make things easy and invest in the Boralha mining museum to generate a positive image for the project. Mr Barros made it clear the national government is also 100% supportive, so we shouldn't expect permitting issues as in Spain.