Ann: Quarterly Activities/Appendix 5B Cash Flow Report, page-4

g’day all.

nothing much new, but these 2 para’s stood out to me:

1. However, the agreed settlement schedule has provided the Board with valuable time to consider a range of options on how best to satisfy the Company’s future capital requirements and when.

2. Meanwhile preliminary discussions with potential product off-takers and project financiers, including financial institutions, steel mills and commodity trading houses remain on foot prior to completion of the BFS.

I’m hoping they don’t use the facility as it means exercise price will be lower than what it could be down the track. If better funding down the track, we may not need it at all. I’m hoping for a small CR. Private placement be ok for small amount. Maybe an spp. But for small $, I’d favour the quick simple placement.

the second one gives us a firm timeline for signed offtakes, which we know should also contain some funding. So sometime before end December, which will be great. They will boost sp, just before the major boost of the successful BFS. It’s going to be a very merry Xmas and an outstanding new year for us with HIO!

cheers,

ned.