Thanks PalasAthenea - Olivia Krüger, page-5

agree Harry,

from the Blue Ocean Equities report dated 6 Feb 2017:

WHY DO WE THINK SHOULD MUGA GET ITS PERMITS?
While clearly there are no guarantees, we believe there are a number of reasons why Muga should
receive its environmental permit now that a government has been formed in Spain:
• Unemployment in Spain is very high at ~18.6%2. Youth unemployment is even worse at
43%... and over 50% regional areas. Job creat ion was a major polit ical issue in the recent
elect ion and consequent ly we believe there is st rong pol it ical wi ll in Spain to approve
the development of Muga. Muga will create hundreds of jobs direct ly and thousands of
jobs indirect ly. The mult iplier for indirect jobs for services support ing a mine is typical ~10x.
• Low visual impact : Muga will be an underground mine, with modest visual impact
compared to an open pit mine
• Benign commodi ty: Potash is a salt and a relat ively benign commodity compared to others
(like uranium) and does not involve chemicals like cyanide in the process plant (like many
gold projects). There are also a number of operat ing potash mines in Spain. Berkley
Resources (ASX:BKY), a Spain-based uranium developer has also received its
envi ronmental and mining permi ts, which we believe demonst rates the Spanish Govt is
support ive of mining.
• St rong communi ty support : While there is always some local opposit ion to any mine,​

according to the company, most of the local community is in favour of developing Muga.