Ann: Hannans - Fraser Range Geophysical Surveys, page-5

This is a big maybe. It's a true speculative stock.
But at these prices even a modest investment has the potential to be quite lucrative.

I feel there are a few risk limiting scenarios with this stock and that there is a real potential for a warranted run up in the share price.

- NMT's 36% holding. This equates to three generations of mining knowledge in the area and proven track record of getting the job done with limited cash.
- Newexco handling the geo work with a proven track record in the area
- Multiple tenements neighbouring large MC / high profile mining companies with operational mines
-Multiple resources under exploration, allowing flexibility to prioritise minerals. ie there's no point spending money to drill for an out of favour mineral.
- There is a large share registry but this is not uncommon and is in the ball park of comparisons like LTR, LEG who have found great resources and were once at a similar stage as HNR.
- And recent volume has improved greatly with limited news which is always positive.

It's an educated gamble for me.