Ann: Updated Muga Feasiblity Study, page-6

Thanks for your input. I am a relatively recent buyer of this stock and are thinking about acquiring more. But I note that the NPV (9+ x the current EV) numbers include the tonnage from the Inferred and Exploration resources. I lack the experience of mine development to know if this is a common approach in NPV calculations for prospective mining operations. Are you or any others able to comment on this point?

To their credit the company has included the results of running the numbers after excluding the Inferred and Exploration target resources (an NPV8 of 1.0bn euros).

I also noted somewhere that some of the Inferred Resource (or Exploration Target?) is under a local town and one wonders if mining that section will be allowed to proceed (or perhaps that aspect of the permissions has already been granted).

I hope that doesn't sound too negative as I do like the look of this project.