Ann: Bankable Feasibility Study Activity Slowed, page-33

I think the current market really are creating incredible oppertunities.

Not just in HIO but in mining in general.

We have had more than a decade of underinvestment in mining and more and more negative sentiments and regulations towards mining in the West and parts if South America as well.

This has led to large supply shortfalls and historically low levels of reserves in a number of commodities...It has also meant that investment in project for commodities of which we expect large growth as fallen well behind and the number of mining project that are ready to go are also extremely low with not nearly enough being spend on exploration and progressing projects, which often can take over a decade.

As soon as we saw an increase in demand for actual "things" like during Covid we saw prices in these commodities get squeezed...This was somewhat subdued due to the supply line issues in production lines as well so if these problems hadn't existed it would have been much worse.

The current/coming economical crisis is going to make this that much worse. the squeeze that well happen when the economy does get going again will be incredible is some commodities that are now getting smashed, and there simply won't be much spare production capacity, nor will there be enough suitable projects to fill the gap at any reasonable time frame.

Its interesting and sometimes painful to be investing in commodities at the moment, but I think very good times are coming. And possibly much sooner then many expect.