Ann: Bankable Feasibility Study Activity Slowed, page-403

Cost blow-out due to high inflation, high interest rates is affecting all mining projects around the world. Not just HIO.

The prudent thing to do and in fact better thing to do is to start off at 5mtpa or 7mtpa and scale it up to 15mtpa or 20mtpa a few years down the track.

In the meantime many mining projects currently affected by this macro-enviroment will help seeing iron ore supplies especially high grade ore fall into tight supplies in 2023 when China Covid lockdown, Ukraine-Russia conflict, inflation, interest rate hikings, European energy crisis subside.

One thing for sure is going to happen is high grade iron ore will be in very high demand for decarbonization in the years and decades ahead and tight supplies will see iron ore prices higher in 2023 and beyond.