Ann: Quarterly Activities/Appendix 5B Cash Flow Report, page-11

“Goodness me”. Stop living a nightmare by holding shares in a company that you think will not achieve anything and sell your shares if you don’t think the risk is worth the potential rewards.

Or you can follow the bouncing ball ofthe past announcements with regards to the progress on dry grinding:

·24 May 2024 – Tom Revy appointed as CEO – his background is a metallurgist and process engineer, so he understands what’s in the dirt, the different way itcan be processed and how to get the best outcome from the different processes available.At some stage after his appointment, he obviously asked the question “I wonder if dry grinding will work” and set out to test that question.

·16 September 2024 – ASX announcement advising a process optimisation study will be commenced which included a focus on the reduction of water quantity required.

·15 October 2024 – ASX announcement for optimisation works update which included the potential to reduce water requirements and second phase commenced. Tom’s idea looks to be testing up well.

·19 November 2024 – ASX announcement Optimisation Works Identified Cost-EffectiveD ry Milling Processing including 100% dry circuit to be investigated given scope for significant cost, environmental, scheduling and permitting benefits. Tom’s idea could have more significant benefits and worth doing some more testing.

·26 November 2024 – from the Chairman’s address at the AGM – “At the end of May we appointed Tom Revy as our Chief Executive. Tom came to us with a background as a metallurgist, consulting engineer….Since commencing as CEO, he has identified a number of opportunities to refine or optimize our development pathway. These include a dry comminution process as opposed to the ‘thirsty’ process currently in our design circuit….These initiatives could very materially impact the project economics favourably. Consequently, the board is beholden to pursue these initiatives and determine the achievability and impact of them on the project before we negotiate terms with strategic investors. Therefore, the timetable for bringing the Strategic Investor process to a close has been extended”.

·18 February 2025 – Optimisation Works Update. “The aim of the dry grinding circuit test work program is to prove the ability to implement a 100% dry processing circuit for the Project. The program is well underway with initial results being highly encouraging. This dry grinding approach is unique to Hawsons because of the distinctive geochemical and physical properties that exist with the Hawsons material, a key differentiator against current Australian magnetite producers”.

·30 April 2025 – as part of the quarterly update “Process optimisation activities successfully completed as planned” “Process optimisation has resulted in a simplified process flow sheet, significantly de-risking the project using a proven technical process, but new to treating magnetitematerial” “– large scale pilot plant trial on target for completion in 2H 2025”.

So the progress and trajectory of Tom’s idea of dry grinding and how he is de-risking and proving the process is looking very positive to me.

My suggestion to everyone is not to believe what I think and don’t believe what @treefeller says, but read the announcements and form your own view of whether the dry grinding process is likely to be viable.