HCH Chairman Nicole Ahead Bell knows Streaming, page-33

Think one way or another the funding for HCH will continue. Question is whether it will be done via a capital dilutive strategy (e.g. rights issue, some form of private placement) or an asset dilutive strategy (e.g. royalty, streaming deal). For existing shareholders the latter is clearly better, especially if it is structured right and does not give up too much in terms of future growth and underlying commodity price appreciation. However, even a plain old CR will probably find its takers. A lot of retail may be tapped out, but the insti guys can easily afford to add to a 20-30mn raise. For the big boys like Glencore @ 10% of outstanding shares that's another 2-3mn - a rounding error to them. And for a 1% shareholder it's 200-300k. Also unlikely to be an issue.

To me the key issue to look out for is potential for resource upgrade within 2023. If this does not come through in a meaningful way, then the decision to drill all these new tenements and to delay the PFS would have clearly been a mistake.