Price and Chart HIO, page-5347

No. That's not how Bryan team looks at. The fact they lodge the Scoping Report to the NSW Mining Department stating Hawsons project as a 20mtpa operation for 20+ years shows that Bryan team knows they will have enough at least 400mt resource.

I also explained in details before how I expect total resource of more than 500mt to be eventually all converted to Indicated/Measured category. In other words, if we see 300mt in Indicated/Measured category and 200mt in Inferred category in the coming update = 500mt total resource, this 500mt will be eventually all in Indicated/Measured category. That is because in 2016/2017 drilling campaign they were able to convert massive 96% of Inferred to Indicated at 9.5% DTR cut-off grade at the section where they did the in-fill drilling. Then in Oct 2021 the KPS report came out with optimal cut-off grade of 6% DTR grade. This 6% optimal cut-off grade basically bring the previous conversion rate of 96% to 100% conversion rate from Inferred category to Indicated category. Therefore i believe Bryan team KNOWS with the now optimal 6% DTR cut-off grade he will have all 500mt eventually under Indicated/Measured category. And that is why you can see he always presented Hawsons project as a 20mtpa operation-400mt resource project with slurry pipeline and Myponie Point port also as a 20mtpa operation set-up.

Bryan team must be absolutely sure they know what they are talking here. They know what they have there. They need 400mt. They have >500mt and they know it will be all in Indicated/Measured category eventually.