Ann: Quarterly Activities Report 31 December 2021, page-9

I am not too concerned regarding the mill situation. Management have always made excellent decisions to date and no doubt they will again with this situation. Even if they had to approach a fund for debt to purchase a mill, they would know how to choose the best option and pay it back as quickly as possible.

A takeover would be the absolute worst option for HRZ right now - IMO we should be 40-50c with the assets and investments we hold, but unfortunately we are a quiet achiever in the market. Any attempt at a takeover would be voted down unanimously at anything near current prices IMO. Management haven't been this patient to slowly and successfully acquire great tenures and build this baby up to the verge of production, to give it away this easily. Plus our current register definitely doesn't show any sign of a large player accumulating who may seize on a hostile takeover. There is more chance of an HRZ takeover of one of the stocks we are deeply invested in - in the years ahead once we have the cash flow coming.

Gold price has held up well considering the initial panic of the current situation around the world. Only a bullish upside ahead in my view. Once the gold price trends above $2000usd, and all HRZ's announcements hit the market, we may well see 50c plus in 2022 imo.