Capital is the new scarcity in mining. Not ounces. Not pounds. Capital. Look at the latest capital numbers for three of Canada’s flagship mining projects: Red Chris block cave, BC ($NEM): US$4.2–4.8B in development capital (C$5.6–6.4B, 100% basis). That figure is already net of the C$500M federal grant. Add the grant back and the gross cost of the project is ~C$6.1–6.9B. The 2021 prefeasibility estimate was ~C$2.6B. Windfall, Quebec ($GFI): now guided to the upper end of US$1.7–1.9B, up from C$790M in the 2022 feasibility study. The environmental approval is still pending. Great Bear, Ontario ($KGC): US$1.43B of initial capital in the 2024 PEA. A full capital update is due in H1 2027 after detailed engineering, which Kinross says will account for inflation (Cape higher?). These are world-class deposits run by excellent operators. But part of every one of those bills is the cost of building what isn’t there: transmission lines, gas pipelines, camps, and construction seasons cut short by winter and permitting delays. In the right parts of Latin America, much of that already exists. Look at Aris Mining’s Marmato expansion in Caldas, Colombia: a new underground mine and a 5,000 tpd processing plant, with a total construction estimate of ~US$365M.* That includes building its own grid power line. For comparison, Windfall’s plant is sized at ~3,400 tpd. First gold at Marmato is scheduled for this quarter. B2Gold’s Gramalote in Antioquia shows it at larger scale: a 6 Mtpa (~16,500 tpd) open pit operation with US$740M of initial capital in its 2025 feasibility study, 8% below its 2024 PEA.* Canada’s estimates are climbing. Gramalote’s went down. At Guayabales ($CNL, @CollectiveCNL), our project sits beside the Pan-American Highway, hydropower lines run through the area, and the Marmato district has 500 years of mining history and a skilled local workforce. Our new 1.8 km adit access road was built by upgrading an existing path off the highway. Infrastructure already in place is capital that never has to be raised. Geology comes first. Infrastructure decides the bill.