Ann: Successful A$30M Two Tranche Placement to Fast Track Growth, page-124

A near term takeover would be catastrophic for holders IMO. At these lows, what a disaster. Imagine that - let's say we get a 20% premium at best so around 6c, most long-term holders (those who have not averaged down) would lose about 50% of their investment. During record gold prices and a generational gold bull period...that would be unheard of and inexcusable. While all our peers go on 4 - 10 x runs. Management needs to pull their finger out, ramp up news flow and get this share price trending up to where a company with around a 2Moz gold resource, gold mills and huge project portfolio should be. The first step is to get through the final month of tax sell time and hopefully things turn in July. Personally, I do not believe we have to worry about a near term takeover, all these recent institutions who came to the party would not agree to it and they have the votes that count. Plus, it would be corporate suicide for management to recommend a low-ball offer in today's gold climate.

Having said all that, if you are a new investor looking to invest in a mid-cap gold producer on the ASX you very likely pick HRZ from here IMO. If you do your research and see all the peers' charts and their huge gains to date, and you see HRZ go backwards, you put your money in HRZ imo. Because if you think logically, once it has its act together it has to follow those companies and you know from the sector, that there are huge gains to be made. It is very unlikely the other peers are going to go on 4-10x runs from where they already are imo.

It is a shame, but we have had enough negative news to last a lifetime, starting with a 'lifestyle' HRZ x management who stopped the gold focus for dodgy Li and other battery tech. Then the dilution from raises, then the negativity and constant selling patterns from GSR and POS acquisitions, then the pushed-out timeline of the Black Swan Mill, then the poor first quarterly of gold production and now the latest raise & dilution news. Enough bad news for a lifetime! Surely no more to come!

If you look into all the above, GSR and POS shares have now all been churned through, if any small remnants remain then they will be offloaded in this tax sell period in the next 3-4 weeks. The market understands the Black Swan Mill dates now, so that has been priced in, no more negativities can come from that, especially with it being fully funded. If anything, and it is finished ahead of schedule, with a much higher gold price in the future as most expect, then that can only be a positive for the SP. The gold production news can only improve from here - most low-grade gold has been dealt with, 3rd party payments have already been made and were factored into the last quarterly, as were large stockpiling and cost intensive mining activities undertaken. Higher grade ore ahead, higher gold prices will at minimum make for an improvement, with the major improvements to come later in 2025 imo.