I think it is likely end of Jan to end of Feb, given they change...

I think it is likely end of Jan to end of Feb, given they change their study for 10mtpa to now 20mtpa.

I expect quite a few updates from the contracted specialists engaged by HIO to do various studies as part of the BFS to be released leading up to the BFS.

The contract with Flinders Port is probably of the 1st ann and the contract for the slurry pipeline is another one.

I believe Dave Woodall and Tony MaGrady must have done their homework and must be absolutely confident of $3-$5 sp for them to give up their otherwise significant salary packages and instead choose to take the 5mil options each. They are smart people and they know what they are after.

They could have negotiated their renumeration packages inclusive of 2mil free shares which can fetch them $4mil each if sp goes to $2 but they didnt take this route. They choose to take 5mil options instead, each at excercise price of 85c-$1 because they see a much bigger reward ahead for them at a much higher sp. They are smart and experienced.

By the way, their excercise prices also make it almost certain that any take-over offer at under $1.50 extremely unattractive for them to agree to. So, that is another positive assurance to existing shareholders that Hawsons project won't be taken over for dirt cheap. In my experience, a JV deal will take HIO to far more better position in terms of sp appreciation than a take-over offer. If a high profile JV partner comes in, I strongly believe a $3 sp is almost guaranteed and a $4-$5 sp in 12 months afterwards is not out of question and is not too stretched. Not at all.

Nice weekend everyone.