Ann: Hillgrove Hits 166m of Copper Mineralisation at Kanmantoo, page-42

I don't thing HGO is anything like a Google or an Afterpay which grew hugely and which went through a period of doubling and re-doubling in price as the cost of acquiring massive scale was relatively contained.

As I see it, the value in HGO lies in the 'Low' sp. Past failures have left us with no revenue and no immediate prospect of acquiring any and so the sp has crashed accordingly. Should we begin production again the sp will reflect a producing small/medium mine with some reserves - a big uptick in the sp

As a life principle, success often leads to more success and failure to more failure, so its obvious that this principle is working against us. You have to believe things will be different this time.

In both of the previous failures (pre HGO mining and HGO pit mining) failure was a mixture of low copper prices and very high costs in the set up phase for HGO pit mining (significant additional costs self inflicted).

I think things will be different this time because we already have an established plant and in my view a sustained period of cu demand against constrained supply.

However, we have to survive long enough to get back into production. This makes it a long term play without certainty. Don't know if it suits short term speculation.





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