Interview, page-10

A setback for Hawsons project short term. Obviously for shareholders with a short term goal it is a huge blow today.

For longer term holders and me the questions I ask myself today are:

- Will inflation and interest rate remain as headlines starting from 2023? Obviously at ventral banks will have run up interest rates to highest level by the NEW YEAR and they cannot keep running it up any more and therefore interest rates will be on hold or declining. Inflation will be peaking and start declining by 2023.

- Will China keep its Zero Covid policy in place by Christmas? I do not think it can afford to so for too much longer.

- Will the Ukraine-Russia war be continuing by Christmas? I believe Putin will run out of resources and money to fund his war in more than 3 months.

- Will Europe overcome its energy crisis and be ready for winter coming? I believe they will come out of their winter and overcome their pressing issue of energy crisis as they have slowly prepared for months now for the winter coming. A lot of infrastructures need to be built and are being built for LNG and oil imports.


So, in 3 month - 6 months time I believe all of these major economical issues will be significantly mitigated and absorbed by the world market and the world economies and 2023 will see better times ahead.

If that is the scenarios you believe in, then HIO is still one of the best investment as its MC is very compelling to what its MC is today.

- The resource is there.

- The Total Exploration Resource is there and is mind-boggling.

- The decarbonization process is begining and all the major IO producers have stated they expected high grade ore demand will increase massively in coming years and decades. BHP clearly stated that. FMG stated that. Gina Rinehart backed that. Wood McKenzie expected that. POSCO, TATA STEEL, NIPPON, and many major steel producers stated that and have acted upon that.

- Customers are lining up for Hawsons product as Bryan has reiterated again and again.


IF YOU CANNOT DO IT, SOMEONE ELSE WILL DO IT. IF HIO CANNOT TAKE HAWSONS PROJECT TO PRODUCTION, BHP OR RIO OR POSCO OR FMG,...WILL DO IT.

It is a short term setback and today sp is a screaming buy for long term investors, especially for those who believe in the desperate need for high grade iron ore that the world will desperately need for decarbonization.