Ann: Annual Report to shareholders, page-16

The "thematic" was the reason I invested in HIO and a little bit of MGT. I realised that the green steel thematic might take a little while to play out but I thought getting in early could be advantageous while also being aware of the risks with that. Unfortunately, only the downsides of getting in early have played out. HIO and MGT are now seemingly fighting just to keep the lights on. When the chair of MGT put in $1,000 to the last equity raise it was a strong signal not to throw more money in that direction.

If the thematic has value, and these projects have value within that thematic, I would have thought they would attract some interest from a bigger player at these levels. Many of the big IO players could take all, or at least a big chunk of HIO and MGT by scraping together some change from the petty cash drawer but they don't seem interested.

I think some interest from a bigger player (or even government) with $$ attached showing that interest could be the catalyst for change, but I'm happy to wait and see that before punting any more $ at these levels.