Ann: Quarterly Activities/Appendix 5B Cash Flow Report, page-5

During the quarter, activities focused on:

• Resource variography modelling and interpretation.

• Process optimisation and by-product studies;

• Local stakeholder engagement with landowners and Broken Hill officials; and

• Discussions with State and Federal Government representatives.

  There were no mining production and development activities during the quarter.

Sorry folks but this means at best we are clutching at straws: we have chucked the towel in.

The key points here are "Process optimisation and by-product studies;", both unproven and untried so just 'hopes'. Very low probability of success and even if you are super optimistic, a huge delay in anything happening as confirmed by the last sentence quoted.

Absolutely no progress on a strategic partner and... no progress on the Bankable Feasibility Study needed to obtain funding - no partner and no B.F.S progress. It's the board's way of saying sayonara to HIO prospects.

What this does confirm here at the 14 year mark of HIO, we still have an incompetent board.