Ann: Quarterly Activities Report, page-25

Of course there is no affiliation.

HIO are over the boarder. SA will focus on action within its state first. HIO will have to be self funded to be able to transport to SA ports. Just my opinion but it’s a very different landscape for them.

Management are also not as diligent as MGT’s. Again personal opinion. As soon as HIO made up the name supergrade for there ore they lost me. It was made even worst when we find out that their Supergrade is speculation and they do not have the ore samples MGT do. They also have a lower ore body quality.

the only tie to me is that if one gets funding, the other is in a very good position to also receive funding.