Price and Chart HIO, page-120

@pete11

I don't know much about Pluton and Sundance, but a quick google says Pluton could have issues because its on an island and the mine is below sea level behind a seawall (the article I read said the mine resembles a giant swimming pool which took eight months to pump out the water and six weeks to fill back up) and the whole board of Sundance resources died in a tragic plane crash, the mine was located in Camaroon and Congo and required 500km of rail to be constructed.

As for Gina and Twiggy, I suspect that they would be more likely to consider opportunities nearby their existing infrastructure - but they get no direct economies of scale with Hawsons, would probably prefer a controlling interest and that would not come cheaply if looking to acquire that from Hawsons.

As for why Hawsons didn't get up over the last 12 years, go back and read ASX announcement from around 2012 relating to board disputes that resulted in a JV agreement that was not conducive to progressing the mine. That all came to a head last year and early this year and since the JV has been restructured early this year, significant progress has been made.

Then go through all of the current risks for Hawsons and its opportunities. It has existing rail and port options, near by workforce, no Native title, access to water and power, large single mine with consistent ore and traditional magnetic beneficiation process (therefore simple and low risk), mine friendly low risk jurisdiction, impressive PFS results at US$63 for 62%Fe, fully funded for BFS, letters of intent for its product signed four years ago and the demand for high grade has increased since. There have been many that have looked at Hawsons like myself and the only hurdle is construction funding, but with an in demand product construction funding from offtakes is a very real possibility. Therefore, there is real possibility of getting over the only real hurdle with minimal dilution from here. It's not risk free, but its low risk with very significant upside.

Hope that helps.