mexican standoff, page-17

Ron also guessing around $3.5m raised.Probably take $0.75m to set up NEWCO but after that HAW itself needs only the minimum to satisfy ASX requirements.

Short quarterly/interim/annuals and a plate of sandwiches for the AGM. Should make $1m stretch a few years on that basis - far longer than NMDC will be prepared to wait - but if they think it safer to leave more in so be it because HAW and the Iron Ore must be the priority.

The NEWCO freebie - which anyone buying on-market now will still get - should not be dismissed in the equation. If the new Company gets $1m from the SPP this should cover the infill and exploratory drilling at Trouser Legs and Coffey Bore and thereby create two proven and valuable resources which on their own should be worth HAW`s present market cap at the current POG. It should also cover the drilling of the southern (around Lindsays) and central (large and high MMI anomalies) targets at Whiteheads either of which could be Company-makers. For me these 4 must be the priority - further drilling at Deep South right now a big mistake and whether to go after the main lode at Senate depends on funds available.

After that it will be NEWCO - not HAW - that will require to raise funds and if the money is to be sought from holders they will decide whether or not to subscribe on the basis of the case presented to them. As for HAW, this has been well planned and even with a worse SPP outcome have no concerns that they will not be able to hold out for as long as it takes.