Ann: Becoming a substantial holder, page-26

my personal view. I think its a big bow to drawn in regards to a suppressed share price and option timing. Lets remember the timing of events and how things played out. A pfs was due and Mike was on the backfoot from the get go. he needed to do things his way and didnt have the time to optimism things the way he wanted. shareholders were demanding a pfs "NOW". the pfs was a disappointment and his outlook then wasnt hugely uplifting. he was grilled by people. then i dont think he had in the back of his mind "lets tank the share price" and i will set myself options. current shareholders had huge optimism and potential deals to happen once the pfs was delivered. This didnt occur. share price collapsed & people lost confidence. water had to pass under the bridge for new management to feel the project (something we already knew) & they had to understand this. As time evolved share price remained low and management quiet. i guess that's when one can question did management remain quiet and strike the options? look i think a bit of that certainly played into their mind but also its kind of their style, say nothing and deliver. sad on the shareholder base not believing in the asset and selling the stock down, we also have ourselves to blame a bit. there is not doubt the detail and current execution is excellent. the option package is aligned with our interest which is for HXG to eventually make money. some might be a bit bitter.... well just move on. shareholders sold the stock down, they struck it at a great level....so be it. lets build a mine.