We are tantalizingly close to successful permitting at Azteca. Funding is in place and the technical team to complete the re-commissioning of the plant are on standby. Cadence is confident that commissioning could take place as early as June this year. Azteca will use its free cash flow to fund the full Amapá project through feasibility studies – this should be sufficient to take Amapá to an investment decision without recourse to further equity dilution. Assuming favourable licencing and permitting outcomes for Azteca, we see reduced risk in the restart of the full Amapá project, once the DFS is completed. Full note here