Interview, page-115

I understand your points and I am not saying its all going to be easy, particularly in the short term.

And from my understanding Champion digs up IO that is a mix of Magnetite and Hematite but with an average of 30%. It actually requires two processes to extract about 83% of the contained iron (for a 66.5% concentrate). So you could argue their processes are more difficult then HIO's with lower recovery and lower end product, but also lower tonnage (but harder material).

And the tens of billions currently being invested in green steel production are corporate money, not government subsidies. I am just saying these production pathway wil require high grade IO concentrates. And I don't see where this is going to come from if not at least some of the Magnetite projects come online.

And I think the main point I have been trying to get across, and I think worded pretty clearly, the current problems HIO is facing are not HIO specific problems...They are broad market prothat particularly for junior miners still needed to fund a project amount to a perfect storm.

So HIO hasn't had a fair go under normal circumstances. So to say this project isn't good based on the current situation isn't reasonable.

So yes. I will be patient and wait for either economical conditions to improve or for demand for high grade IO to really hit the market. I think HIO still will have a very good chance of succes, and only in more normal circumstances can we draw any conclusions from the company's performance.

Under the current circumstances veey few mining projects will get up. This will likely lead to significant shortages once the economy gets going again in many commodities. But the in between time might be tough.