CAP - Offtake Predictor Game, page-5

Above is my email to Mr Bryan. And I did receive his reply within the same day.

I cannot show his reply email to me here because I am not authorized to do so but basically he didn't reveal anything apart from agreeing with me that current MC does not reflect the value of HAWSONS IRON PROJECT. That is all i can say here. It is understandable because the company is in a price-sensitive negotiation period with Mitsui & Co and is selecting the best off-take partners from multi national and international 3rd parties that have shown interests in bringing this project to development as per latest announcements on ASX.

I have no doubt Mitsui & Co will be the first off-take partner. I am also looking forward to seeing Mitsui become a significant equity stakeholder in CAP too.

The latest company update points out BFS will commence in Q3 so I am confident that several off-takes will be signed off within this month and next month.

Given the high grade concentrate of our Supergrade product is 70% Fe, the highest in the world, the list of interested steelmakers will only get longer and longer than those already signed LOI (LETTER-OF-INTENT) for off-takes so far: