lcy, haw jv , page-8

Hi gs
I am not full knowledge on HAW and their assets but having a quick look the major stubling blocks these guys will have going forward is 2 fold, 1 they are quite substantially diluted at present and secondly will be running out of cash shortly. In saying that I do see a re rate coming up on the back of this NMDC ann, however if I were to choose between the two then LCY for mine because LCY is in alot better shape fundamentally imo. Good luck with your investment in HAW.