Ann: Investor Briefing Session, page-74

You got it all summarised pretty well @sTINGER.

May I add: Bryan mentioned the list of LOIs also include a domestic customer. I guess it is a steel producer and it could well be South32 IMO.

Not the best presentation or Investor Briefing but over all I do feel better with key points:

- List of LOIs with intended purchase of quantity in multiples of 20mtpa. That is a staggering quantity and definitely confirms very strong interest in our product.

- Pilot plant product testing confirms good result of Fe70%. This is one of my concern over the last few months but to finally hear a verbal confirm in public from Bryan of the outstanding grade of product is a major relief to me.

- Chairman Dave Woodall emphasised: regardless of the current macroeconomical challenges there is no doubt about the great value of the deposit. In other words, the Hawsons project is a big deposit of giant valuation.

- Dave Woodall also stated and confirmed there is very strong demand for Hawsons's product which was also reminded by Bryan.

Regarding the questions I see from many posters here asking about CR, I like to put what i strongly believe we will see here: CITI already has lined up more than enough money from its clients and ITSELF for the CR. They are simply waiting for shareholder's approval at the AGM for the total insuing capacity of 25% (10% plus 15% automatic issuing capacity with no need for shareholder approval allowed under ASX listing rules). It is just a formality. Everything has been arranged and money is ready to be deposited in HIO's bank account. Dont you worry about it.

If Dave Woodall with 5mil options to be excercised at average $1 per share (he would need to see sp to be at least $1.50 to be marginally safe for him to excercise his options at $1) and new director Tony MaGrady with 5mil options to be excercised at average 85c per share (he would need to see sp above $1.30 to give him minimum safety margin) stay in the job, they must have confidence to make money out of their options. So, if they are confident their options will be in the money at $1.30-$1.50 minimum, why they are so confident?

We all know with 25% issuing capacity, the total amount of SOI after the next CR will be 741mil shares × 1.25 = 926mil shares. In the bigger scheme of things it is still not a very high SOI in my opinion. SYA has 8.3bil shares but it could still scale near $3bil MC lately.