I think that there is a lot to like in today's announcement -...

I think that there is a lot to like in today's announcement - not just the way that the drilling has been clearly communicated.

I liked the satellite images as it reminded me of how much resource potential Hawsons has, and that was has been drilled is just a small fraction of what could be in the ground.



The little black outline is the mine pit shell from the previous BFS plan and is clearly just a fraction of what is likely to be there.

The announcement states "The Hawsons Iron Project’s current exploration target is 5–18 billion tonnes,". I acknowledge that is in ground grades, but even if only an average of 10% in ground, that is between 700Mt and 2,500Mt of 70% high grade magnetite ore. That gives plenty of scope for expanding production and a really long mine life.

I accept that the short term challenge is to confirm more near surface ore to improve NPV and early stage economics, but a large resource potential certainly adds to the business case with a long mine life and upgrade/expansion potential.