Price and Chart HIO, page-5351

In respect of resources and reserves, the key to the project proceeding is having sufficient ore reserves to cover the debt finance required. This will be done by stressing the BFS outcomes with higher capital and operating costs and lower IO prices and making sure there is enough mineral reserves to generate the free cash flow required to repay the debt under that stress test. They should have enough for that already so long as the pathway to market through benficiation and transportation is technically and economically feasible. The measured category alone would be sufficient if that became the initial ore reserve. The balance of the resource becomes an equity risk and it will be the board who will determine whether there is sufficient resource that will become reserves to justify the project proceeding. I am comfortable they have sufficient resource that will become a large enough initial ore reserve and as a long term equity investor that there is little risk that there is sufficient resource for at least 20 x 20 mtpa of production outlook.