For those of you like me who are hoping for the long awaited...

For those of you like me who are hoping for the long awaited investor memorandum to drop any day, I am starting to think that we could be waiting a little longer.

In looking at timeline of recent events:

• In late September, we had BG comment in an interview that the investor memorandum was expected in October - therefore setting our expectations.
• 16 October we had Jeremy Kirkwood appointed to the position of Chair of the board
• 18 October the drilling program update was announced with additional drilling expected to be completed this year, but assay results will take longer due to the impact of the holiday season. The additional drilling is "looking for an additional 100-140 million tonnes [of near surface ore] to further improve the project's Net Present Value". In the Quarterly update it was confirmed drilling commenced in late October.
• In the Quarterly update it was stated that "Subsequent to the end of the quarter, MP Capital was selected and engaged as Financial Advisor to support the Company's strategic investor program".

Therefore, the financial advisor was possibly selected around the same time as Jeremy Kirkwood was appointed to Chair.

I would expect that MP Capital are going to look carefully at what Hawsons have put together so far, and make sure all the needed detail is in there to be attractive to investors. That may not be a quick process that can be done in a few days.

Further, if Hawsons is wanting to get the best deal, then it needs to de-risk things as much as possible, but within the budget we have without another capital raise.

Therefore, we could go to potential investors now and say what do you think of this - we think there is more near surface ore but results aren't in yet.

Or, we could wait until next year when results of current drilling is back in and go to partners when that significant risk has been eliminated - making the proposal much more attractive.

Whilst BG may have set some expectations because he was getting excited and wanted to share what they have found so far with shareholders, it could be that since taking the Chair, JK is saying "Let's not rush this. Let's be patient. We need to think about and do this strategically. We will create more interest in the project by presenting a proposal with the last item de-risked and get a better outcome".

JK's profile states that he has "Advised on numerous multibillion dollar acquisitions in energy and resources" so he knows what it takes to get a deal done. I suspect that now he is Chair he is taking more of a lead role and thinking carefully and strategically not just about BFS funding, but how to get a Final Investment Decision from strategic partners.

I am sure that if we do not hear more before, we will hear from JK at the AGM on 28 November 2023 about the plan and way forward.