Ann: Prospectus - Shareholder Offer, page-51

I am not participating either D 1111. Additional to your concerns we have had lots of spin and hype about the shallow ore but there is no info (indeed not even an indication) whether that has resulted in a viable first stage development which is absolutely essential to get this show to first base of development.

Put another way, will the development of the shallow ore body that may be indicated have a viable mine life of 1, 3, or 6 years or what? and how will it viably transition to the much higher cost to win deeper ore ( the majority of the field) that killed off the original 20 Mtpa BFS?

I believe these issues will scare off any, indeed all, 'heavy' partner investors and we will find HIO sinking well below the current 3.1c floor as it heads for the back door.

Sorry, but that is how I see probabilities.