Ann: Webinar Invitation to Shareholders, page-103

There seems to be some confusion about the grand plan and who is partnering with whom.

To clarify, the breakdown is, Magnum Mining & Exploration has entered a non-binding memorandum of understanding (MoU) with Saudi Arabia-based Middle East for Metallic Industrial (Midmetal) with the aim of producing pig iron.

The partnership will focus on developing Magnum’s magnetite mine and processing plant at its Buena Iron Project in Nevada and HIsmelt facilities in the US. As per the MoU, Midmetal will become an offtake customer of the magnetite concentrate produced at the Buena Vista mine and beneficiation plant, which is in development.

The agreement aims to develop green pig iron production projects across North America, Saudi Arabia and other regions by implementing the new HIsmelt technology, which claims to deliver pure pig iron using a direct iron reduction method that uses biochar sourced from renewable biomass as the iron-reducing agent. The number of plants thrown around was 30.

Simultaneously, the companies plan to develop biochar production to turn the HIsmelt pig iron production 100% green through the use of sustainable biomass.

Hope that helps. The I's are being dotted, the T's are being crossed.