Ann: Quarterly Activities & Cashflow Reports, page-6

I believe RDG has an indicated garnet resource of around 3 to 4.5 M tonnes. I know Nic is targeting March for the JORC but I am curious if there has been any rumblings about what may be expected out of Port Gregory for HVY? The NPV of the RDG garnet project is massive, even half that recovery would set HVY up nicely considering the current market cap.

The main difference I see between RDG and HVY at this stage is that RDG has an underlying revenue stream and profit (all be it small). This is because they have their diversified central systems business.

From an investment perspective, comparing purely the garnet projects of each it's easy to see that HVY has more upside. Assuming positive JORC figures. That has to be the next major catalyst for a re-rate.