This is to add to the 400 million tonnes in 2 ways , 1 by...

This is to add to the 400 million tonnes in 2 ways , 1 by confirming Inferred , and finding more.

Extracts from the 1st Mineral resource upgrade

"......Confirmed that the outer boundary of the total resource hasn’t yet been fully identified. This means that there is still more iron ore to be drilled out within the Hawsons’ tenement area, and this is in addition to the abovementioned Mineral Resource............."

"........HIO’s Executive Chair Mr Bryan Granzien stated that HIO’s asset base is very significant, high quality and of low impurity. More importantly, it clearly shows that life of mine tonnages will increase further at the Hawsons Iron Ore Project with the planned resource extension drilling............"

"CONCLUSIONS From a resource perspective the project is in a good position. If inferred and potential resources can be increased in size and confidence whilst maintaining similar characteristics to that which has been used then the project will easily meet the requirement of having 20 years of ore feed. It is noteworthy that current modelling only factors in 6-7% of potential resource with the rest of the ore feed being made up of an equal proportion of indicated and inferred resources. Thus, roughly 100Mt of ore is needed to be brought from inferred to measured (or conversely 100Mt from indicated to measured and 100Mt from inferred to indicated). There is no shortage of ore however investigations should be made into potentially outcropping and shallow ore to feed the mill. The most interesting area is around the Fold section of the ore body which is currently poorly defined.