Ann: HIO Strategic Review announcement, page-22

This is now a long game for investors who are patient and see value and great potential in this project.

Just like someone posted on HC today CIA sp was 7c in 2015 and is now sitting at $7.50-$8 per share with 20c annual dividend and likely 40c dividend from next year as it moves to full capacity of production with its Bloom Lake Stage 2.

In a macro perspective, many other projects at early exploration stage with $200mil-$300mil MC today still have 5-7 years ahead to prove up their resource (if they are lucky to drill and intercept enough resource. There are no guarantee) to get into production. They are 5-7 years away.

In the meantime we have 18 LOI customers and probably has increased to 22 customers by now. Won't surprise me if we have a couples of off-take agreements signed off in the next few months. Management also clearly point out that they will have partner around June to help fund the BFS. This reminds me of Mitsui & Co's previous off-take agreement with AUD $80M contributed towards construction cost and $15mil towards BFS funding signed in 2019 if I remember correctly.