Ann: HIO Strategic Review announcement, page-190

there are a few red flags at the moment not being answered, this being one of them. Also the inferring of a partner to fund the bfs is baffling. What information has the partner been fed that hasn’t been disclosed publicly that Has got them jumping to get involved. The fact costs had to be drastically reduced and BFS slow down, suggests the path we were on was not viable. Yet the review has found that the most expensive cap ex components are still the only way forward? With the amount of money already spent on the bfs, it is safe to assume the answers are out there, and the fact we had to stop said bfs and raise emergency money suggests it was not favourable. This is obviously all assumption and not fact or advice. Best case scenario is the cost savings are found and project back on track. The fact that they have given themselves over a year to get to that point also raises more questions, when millions have already been spent and no material information released to shareholders. Hopefully some positive announcements can answer these questions and get things back on track.