Ann: HAW Quarterly Activities and Cashflow - June 2023, page-2

No debt, Net Cash 14 mil. Net MC 29.5 Mil.

Super cheap for HAW's stakes in the Hancock driven magnetite and non-magnetite Mt Bevan JVs.

Bit of a slow burn, as Hancock gets a handle on the resources and business case - but all leading to a major , potentially legendary, multi-resource bonanza at Mt Bevan.

No sweat..... with 20 years of funding at current levels on hand, forget any fear of "CR death spirals" etc....

HAW's negotiating a little easy short-term monetisation at Trouser Legs, while clearly interested to sell off the asset and focus on the obvious big winner, Mt Bevan.