Ann: Quarterly Activities/Appendix 5B Cash Flow Report, page-108

I get your frustration - HCH SP should be a multiple higher.
The disconnect in my opinion is the fundamental problem of listing location verse mine location. Imagine if this resource was located in South Australia OR HCH was originally listed in Canadian. If you want to criticise CE and MB they theoretically should have listed in Canada rather than ASX. This is the fundamental valuation issue. However this problem does not change the valuation / NPV. Rather it enhances the opportunity of accumulating undervalued shares. Obviously depends upon your investment horizon.

We are now in a world wide “recession” according to 10yr US bond rate. This world wide recession is most likely just that a recession (temporary).

if your investment horizon is 1-2-3-4 or 5 years then FULL realisation of HCH at dramatically/inevitably higher Cu prices shall prevail.

genuine value is created by reducing uncertainty with transition from PEA - PFS - DFS Funding - FID.

The inevitability of HCH reaching fair de-risked valuation is just about time. Time to play out durable comparative advantage.

FULL market SP valuation will be achieved either at Takeover (Post PFS - DFS) or production reaching Nameplate Capacity.

this also depends upon the prevailing Cu price post world wide recession.

CE is doing as good a job as any CEO in this space. I implore us all to follow M&A fever. This is the best barometer of “who’s next”.

The most important and powerful driver of HCH share price is NEED not fear or greed. If you NEED copper to keep the lights on you don’t care what it costs.

COPPER IS NOT A DISCRETIONARY SPEND.

Patience ;-)