Analysis and comments, page-109

Speculation on what’s happening now

Red Hawk has completed a comprehensive PFS with good metrics. I think some RH activities now the PFS has been released can be speculated (other than activities to progress the DFS, port access and road construction etc.).

I think SM mentioned that RH a not been in dialogue with RIO of FMG about access to their rail/ports in my memory is correct. So, I would think those companies (and maybe Hancock and even Mineral Resources) would be approached by RH. It seems obvious that any chance of a better way to haul and ship our IO would explored before the DFS has progress to far. I guess it is fair to say that any interest in our project could come from those early meetings. Readers may speculate in there may be any interest or not and what that interest may be (JV, TO, mine gate sales, or none).

Another activity would likely be updating the future potential ports and well updating Port Hedland.

Some it is probable that the word about our great project and resource is getting out to interested parties. Let’s see what transpires…. I think SM is more than capable to market RH’s opportunity. Good luck.