I accept what you are saying in that the amount that the...

I accept what you are saying in that the amount that the directors are contributing may be a small percentage of their net worth. However, it is significant when you compare it to their after tax directors fees. Each of our three non-executive directors have contributed more than one (and probably two) year of their after tax directors fees. Therefore, if the didn't believe in the project, they would be working for free which I don't think they would do. That is why I think the amount is significant and worth considering.

I completely agree with your comments re the metal is in the ground and how it plays into low carbon green steel.

I have had a couple of discussions in the last week with people who understand the steel making process better than I do. They agreed with my macro view and the need for projects like Hawsons. That being:

• The EU carbon tax comes into full swing in 2030-34. At that stage, there will be significant premiums on steel that is not green steel.
• The only current technology that can produce green steel (other than recycled steel) is high grade ore in an electric arc furnace that uses by green power. Hydrogen based production is being developed, but unlikely that there be enough green hydrogen for large quantities of steel to be produced using hydrogen unless there is significant investment in green hydrogen production and it can be transported to steel mills.
• Therefore, there will be a significant need for high grade feedstock into electric arc furnaces and there is currently limited supply of high grade iron ore.
• The demand for high grade iron ore will therefore increase materially from around 2030 and with long lead times to develop mines that can produce this, there is a global need for what Hawsons will produce and quiet possibly a significant premium for its ore.

I also figure that if this is how people like me are thinking, you can be sure that our potential JV partners have an even better understanding of this, the need for high grade iron ore and how Hawsons can meet that need.