Ann: Option Expiry Notice, page-8

Gwahk
Thank you for your balanced view. I know you have some very valid points. I would like to add a few of my own.
This is a very difficult environment for explorers, some have lost far more in % terms than HCH. Then they have raised at depressed levels to really dilute existing holders.
But where I think HCH is a bit different, and before the others say blah, I have done some research and have held for some years.
Firstly HCH have delivered on their promises. And they have, the one point I was disappointed on was the JORC conversion, 40% versus usual 60%. This I think has been the reason for the share price fall from 40c to 20c coupled with MQC not getting the raising mandate.
Anyway if you read the reports since the management also think the JORC was very conservative, they talk about the incline of the pit structure being too shallow so alot of resource is discounted etc, but management have taken on board and are working to add these resources to the DFS, easy when you have the resource to start with.
But the fact is they are fully funded, are finding new resource and have not diluted us out of existance. Yes I am as frustrated as all of you, and see sellers appear. These are funds having to sell to meet redemptions as people are still moving out of resources en masse.
So back to management and that is key to build on a resource. They have delivered on their timelines, they have nearly 20% ownership, but most of all I sit here with the AGM and they have not delivered themselves options at these levels as so many have.
I am not saying buy this stock, what i am saying is they are trying to deliver shareholder value even if we cannot see it on the ASX, and that is another story. Until the tide of constant selling of resource stocks abate then you will be hard pressed to beat the market.
My hope is that if the Cu market turns to deficit, we have a company with a major resourse, a major backer and have not been diluted to extinction. Just my thoughts.