"Hawsons" a green steel devolper in making, page-52

The focus for me is for HIO to commence BFS, start drilling, start the construction of pilot plant and hopefully locking in the 1st off-take.

This Hawsons project is massive in terms of NPV as long as IO price for Fe62% is above USD $100/ton because at USD $100/ton for Fe62%, Fe70% price would be around USD $135/ton, NPV8% would be above AUD $6bil.

I expect MC will eventually move to above 20% of NPV when the time is right: drilling results released, pilot plant update, pilot plant products sent to customers to confirm grade and quality, BFS released, resource upgrade, new NPV confirmed, new stragetic investors move in, broker research report release, Major Project Status renewal granted, mining lease approved, enviromental permit approved, 1st off-take locked in,...

These are steps that will be done and informed to market and sp will move along to that 20% of NPV target. Of course new and longer term investors will replace short term holders in that process.