Ann: Chair Address and AGM Presentation, page-15

To clarify a few things and to be transparent:

• I have been posting about the Hawsons project for around 10 years, back from the days when Nick Sheard was Chair and Hawsons Iron Limited was known as Carpentaria Exploration.
• I have never been paid anything from Hawsons directly or indirectly (other than the return of funds when the last capital raise was oversubscribed and scaled back).
• I hold a number of investments other than Hawsons, mainly the slow and steady type, and while having some slow and steady investments is good diversification, quite frankly, they are also rather boring. Therefore, no fun in posting about them.
• I do find investing in Hawsons exciting, sometimes frustrating, but always interesting. Therefore, if I happen to have a thought that I think others might also find of interest, I will post about it. Based on the number of thumbs up and light bulbs some of my posts receive, it would appear that they are of interest to others. I'm not about to stop posting when someone falsely accuses me of being paid. However, I often decide not to reply to a post where someone is just trying to get a reaction.
• I have both bought and sold HIO (and also when it was CAP) over the years, but mainly bought and hold more now than I ever have. There are two primary reasons why I hold more shares in HIO than I ever have:
• Hawsons has a large Magnetite resource capable of producing DR grade feed, which is required in order to make green steel via the only process that can currently produce commercial quantities of green steel. Decarbonisation of the steel industry is happening. There will not be one solution, but a number of solutions and methods by which green steel is made in commercial quantities. However, I believe that high grade magnetite will be part of that solution and it is likely to attract a premium, and potentially a very significant premium if demand exceeds supply of magnetite for a period of time.
• Management. I was not a fan of our previous MD and Chair for a variety of reasons. However, I REALLY like the combination of Jeremy Kirkwood and Tom Revy. I think that in the six months that they have been working together, that they have reset the approach to mining and focussed the company on a clear path forward. Kirkwood was able to attract the attention of potential joint venture partners based on the economics of the old process flow sheet. If you consider the potential improvements from by-products and dry processing that Tom is working on, the economics will be even more attractive to potential partners.
• Investing in companies like HIO has its risks, and one should not invest in junior resource companies unless they are aware of and prepared for the risks. However, the potential reward that comes with that risk is one of the things that makes it exciting and potentially, very rewarding.