Isn’t that the original baseline in the mining act that has...

Isn’t that the original baseline in the mining act that has recently been guided higher by the new policy.

A withholding tax is not necessarily the applicable rate, it’s the highest applicable bracket that tax authorities expect companies to withhold until tax has been filed and a determination made.

My expectation in reading public statements by Ghanaian authorities is a tiered royalty scheme that caps at 15%, the question that still needs to be answered is what revenue thresholds will be used for these rates which I’m sure the A11 leadership are negotiating with Ghana at the moment.

Ewoyaa is not a large project by any means, the Ghanians will have to balance the immediate needs of their people from this project with making sure the project is a flagship success to keep others coming to the country to explore and find more battery minerals, that’s why I think the royalties will be sorted without a massive dent in the DFS NPV as the price assumption and consequently the revenue assumption are modest vs spot.