Ann: Ceasing to be a substantial holder, page-52

Market is a very efficient and powerful mechanism to value a business and/or a project to its fair value over time. If it is over-valued it will come down over time and if it is under-valued it will go up over time.

At current 70mil MC, you can find many projects on ASX at multiples of $70mil but with only a few drill holes of hitting gold, or copper or nickle or iron ore or lithium,...with far from guarantee of further interception and even much further from certainty of obtaining resources of 1/2 the value of the resource that HAWSONS project has and still has years of work to be close to PFS or BFS with no nearby infrastructures like HAWSONS project has.

I bought GLN about 6 months ago at 26c because I did my research and saw a huge misprice of the stock. It went down to 22c, 23c and I topped up big time with absolute conviction that it was hugely under-valued. 4 months later it hit 88c (to be accurate, it hit 87.5c). Took some profit and still hold very substantial amount today.

The point is: the market will bring any stock to its fair value over time. No doubt about it.

Keep in mind: with a brilliant project with "Major Project Status" awarded by the NSW and federal government of Australia like HAWSONS project, if you don't take it to production in such a beautiful current iron ore macroenviroment and strong fundamentals, some else will do it. In other words, a take-over by FMG, or CHAMPION IRONS, WESFARMERS, or MINERAL RESOURCES,..would eventuate. That is the rule of the market. You can call it "Market Efficiency" or "Market Mechanism" if you like.