Ann: Quarterly Activities Report 31 December 2021, page-20

Labs are affecting every single one of the explorers in my portfolio, especially WA based ones. AUC, TSC, TOE, list goes on! 2022 is going to test the patience again! This covid situation is affecting a lot of labs with isolation of staff, travel restrictions, border closures - so less staff in the labour market etc. It is a nightmare.

The positive about HRZ and the main difference from my other holdings is that we have so many different projects, plus projects interstate, that these covid effects aren't as bad as our peers. For instance, if we only had 1 or 2 projects and were waiting 3 months for assays, we would be waiting a very long time for progress, ie - get assays back, analyse and delineate target zones, plan and implement further drilling, organise resource updates (lab waiting has a massive flow-on effect because the next activities cannot really begin until you have the assay results).

For HRZ to have 5 plus projects at different stages of the exploration timeframe, means there will constantly be news. While we are waiting for assays for one project, the others may have field reconnaissance/drilling planning/resource definition/corporate activities (i.e. QLD vanadium project).

It would be nice to get back to normal and have all our projects running rapid, but due to our diversity of projects and commodities, I am not worried about the newsflow this year or any major changes in market prices as we should always have a commodity which is running hot.