Ann: Chairman's Address to Shareholders, page-28

team was sombre but confident. I believe that they believe in the long term plan. And I mean long long term plan. The ups and down in the share price until production could be up and down from where we are now. If I’m reading between the lines they plan to get to over 50mtpa. They will probably need at least one JV partner and share dilution. But they seem very confident (in person vibe) of the future demand for the resource. For those of us happy to wait… HIO plan to limp into production, and work up to meet global supply at the maximum we can produce.

It’s clear there is a path to 50mtpa + … even if it’s at something extreme like another 100% share dilution…. 2035ish… 50mtpa at sub-2billion shares. At the IO price + the premium we expect to command… It’s about a $1 dividend per share. what is a $1 dividend worth share price wise? I’d like to hear some predictions. It means every $1 invested today would be worth $10 every year after 2035, pretty good retirement plan

this is all napkin math I’m pondering over a few beers post AGM. I’m planning on working on this further but would love to hear what you are all thinking to factor in to my model