Ann: Results Confirm Ni Cu PGM Prospectivity at McIntosh Project, page-12

Hi Jarrabi...They cannot complete a PFS without a resource...They intend to do that shortly ...turn around time for drilling a coal seam and consequent resource is pretty quick compared to say gold or copper....if they do as per PFS schedule ( end 2021 ) then that would be appreciated by the market....if they don't they should be justifiably caned....Min Res walked away from the JV on the graphite which at the time was a broader disengagement from the graphite sector ......my understanding is that there are several groups interested in developing the graphite giving HXG a potential free carry....As for the blue hydrogen project I would have to agree with you there is certainly political risk