Ann: HAW - December 2021 Quarterly Report, page-15

A Maiden JORC compliant Inferred Resource of 617 Mt at 32.1% Fe for the first phase RC drilling program was announced on 20 July 2011.

August 2011,concluded that the preferred valuation for the Mt Bevan Iron Project was $174 Million. This study, based on the 617 Million tonne magnetite resource ascribed no value to any potential DSO hematite that may be produced from the Mt Bevan tenement."

Let's value what we have now from the 2011 valuation :

# 617mt @ 32.1 Fe value is $174,000,000 = 28.2c in-ground

We now have Total Resources - 1.17 billion tonnes @ 34.9%Fe (higher %Fe)

# 1,170,000,000 tonnes x 28.2c in-ground = $329,940,000 in-ground

Valued on a 2km strike from a 10km strike at the Western Biff. this does not include the Eastern Biff or Hematite.

$9,000,000 for Hancock Prospecting to buy into a $329,940,000 in-ground valuation.

No Brainer !!