Ann: Mineral Resource Upgrade Delay, page-95

Delays are annoying but do they alter the medium to long term value? Not one bit. And yes, going on what we have experience in the past few years, there are bound to be more here and there. I could give many examples but I recently tried to buy some 60L plastic barrels - sold out australia wide - due to supply chain issues. HIO and their contractors will experience the same type of things with all types of inputs. Then there is the labour shortage. Then the weather. This is the world we currently live in.

To me what is important is that the initial 400Mt is confirmed and that we have a financiable initial project with 20Mt production capable of being delivered in 2025. Confirmation of that would likely see the share price way north of $1, so buying the dips now, that I can trade later, to fill the gaps that any delayed dividend flow creates, will do me fine.

Normally it would be silly to invest too much in an unproven mining junior whose share price is overhyped and inevitibly blows up when the resource is found lacking. If anything HIO is the opposite, just a few steps away from garnering institutional support, all that is required is hard proof of what we pretty much already know in a compliant report and investment will start to flow just as it did for the 4 super funds willing to invest through Flinders Port. Now the implication of the port development is that that is going to be a multi-use facility for other unamed commodities yet there is already a port at Wallaroo filling that gap, a mere stones throw down the coast. And they allowed HIO to buy up the surrounding land? Very strange behaviour for a new multi use port development when you think about it. My money is on a far larger resource than 400Mt of concentrate and HIO using the land, either itself or in joint ventures to value add to the extra ore by pelletising or higher processing, that will be the multi-use. HIO are holding their cards tightly because they have to play them in a certain sequence, but I reckon they are holding a full hand.