Ann: HIO Strategic Review announcement, page-109

At the time of the conversation, I already had 7c shares. The information was that cutoff grade made almost no difference to the project (other than size of the resource) - and was basically a case of scrape off the topsoil / tertiary material and then it's all ore - low grade ore, but ore nonetheless. Then it's a conversation around X tonnes ore to produce y tonnes of product - and can you move the material efficiently enough to make a profit. Clearly the answer is no, unless you have some high grade ore to fund the capex recovery in the initial years.