News over the coming months

One thing that I think has been lacking for a while for Hawsons shareholders, is some news and milestones to look forward to.

However, in their recent interviews, Jeremy Kirkwood and Tom Revy have both given some insights into what we can expect over the coming months.

• PFS taking into account the benefits of the dry grinding process. To me, this is the most important one as its been some time since have been given an idea of what the economics of the project look like. It's worth listening to how both Jeremy and Tom talk about the PFS in their interviews. Both seem excited to be able to release the PFS.
• Reserve statement - whilst this will probably just confirm what we think is in the ground, this will be much more important for de-risking the project.
• Half tonne of drill core currently in transit to Germany (presumably GEBR Pfeiffer where Tom visited earlier in the year). Tom commented that this is as a prelude the test work program later year (further comments below on that). Whilst test work on dry grinding has been done in Perth, having this done by the manufacturer of the grinding mills will add further confidence.
• CSIRO pelletising test work to provide further confidence in the physical and metallurgical properties of pallets - this will provide independent verification of how the Hawsons iron concentrate will perform as pallet feed which will assist with determining market demand for Hawsons magnetite concentrate.
• CSIRO work on non-magnetitic iron - Both Jeremy and Tom both sounded very excited about this in their recent interviews. Whilst this is still an if, it seems to me like they have their theories about how to extract the hematite ore and would like it confirmed and or improved by the CSIRO. Some six plus months ago when their was first a mention of by-products, there was not much said about the what and how much. They are now saying hematite. Whilst nothing has been specifically said about potential quantities, the flow sheet diagram released recently refers to 10 Mtpa or Magnetite concentrate and 5 to 10 Mtpa of "Non-Mag Iron" (refer page 7 of announcement on 22 May 2025). Whilst the sales price for the hematite would be lower than the magnetite concentrate, it will still bring a significant amount of additional revenue if they can prove that process. Stay tuned for this one as I believe that success would make a significant improvement in the economics of the project.
• 8 inch diameter drilling to obtain 20-30 tonne to be shipped to Germany for full pilot testing. Jeremy's comment in his interview was that this would mean that the vendor of the grinding mills would effectively guarantee that part of the process. The announcement from 22 May (page 10) says "finalise current dry comminution and byproduct testing to a definitive level and finalise process flow sheet with vendor guarantees where applicable". Therefore, for anyone still having doubts about that process, that will be put to bed later this year. I suspect a high level of confidence given the quantities being shipped for testing.

You can form your own view on how optimistic or otherwise you are about each of the above - being either way it seems like some reasonable newsflow over the coming months.