Price and Chart HIO, page-3825

Morningall,

Stillholding since CAP days, have not sold a single share.

This is thedilemma I have with HIO, we as retail shareholders as a collective hold a substantialnumber of shares in HIO.

We have theLDA funding arrangement which at the time was a fantastic arrangement by Bryan& his team. I still believe it is a good arrangement & LDA wouldn’t haveput up the proposal if they also did not believe in our project.

It’s theShare register that worries me, as others posters have alluded to.

We have 715million shares on issue at present and our largest shareholder has acquiredjust 1.9%.

I knowBryan is continuing to work hard and has been on the road promoting the projectbut we have not been able to attract one institution shareholder with a holdingover 5%.

Thatworries me at this stage of the project with the BFS due in December.

HIO to melooks so undervalued at the moment, all the metrics add up to myself & mostof us on HC.

The onlyones that are in control of the share price at the moment are the tradinghouses.

Under 10cents was a perfect opportunity to add to our holdings but we should have neverbeen trading below 10 cent with this asset at this point of time with orwithout Regal.

•ExpertBoard, Management & Global Partners •100% Project Control •IndependentResearch •World Class Mine •Best Ore in the World •Compelling ESG Credentials•Strong Market Demand

So, my questionis.

Why have wefailed to attracted at least one institution or cornerstone investor with a long-termfocus who believes in the story as we do?

Sorry aboutthe long-winded post.

Regards,

Jb7