"Hawsons" a green steel devolper in making, page-418

If you look at the above image you can see that GHD engineering firm has been contracted to carry out BFS early works and "CRITICAL" path items, including all neccessary approvals for construction of the mine, plant and associated infrastructure and an environmental impact statement (EIS). These are early works or stage#1 of BFS's 2 stages. I believe these pieces will be done before the middle of next year and it will be about the right time to lock in some off-take agreements and/or project partner. It is also the right time to see IO prices at solid higher level after the current retracement.

Regarding IO prices, what I have always been worried was an over supplies issue at the time HIO about to go to construction but it seems to have dissipated perfectly lately.

There are 2 scenarios of IO prices and corresponding market dynamics:

- Scenario#1: IO prices stay at elevated level above $200/ton for Fe62% and all the major IO producers and hell lot of other low grade uneconomical IO mines around the world and in China rush to ramp up production on their existing mines and rush to open new mines which would flood the market with over supplies and crash the IO prices around 2023-2024 which is the time Hawsons go to funding and construction. A bad situation for HIO.

- Scenario#2: IO price falls back to $100/ton as is happening now and help put a stop all major IO producers's ramp up and expansion plans (plus all other marginal producers around the world). The result is supplies shortage in 2023 along with strong and increasing IO prices. Perfect time for HIO to enter the market.

This is a long game for me. I will build a larger and larger position in HIO from now to the middle of next year in anticipation of significant uptick in activities from HIO, including announcement of off-take agreements.

HIO holds an ACE card in its hand, that is its supergrade 70% product (plus possible pellets production) which is in higher and higher demand, facilitated by the net zero emission movement.