I think you should be more realistic. 80c share price sounds...

I think you should be more realistic. 80c share price sounds great but is it realistic? Getting 20c out of HGO would be a good outcome.

The PHES doesnt produce any energy itself. All it does is time shift energy. So its value is dependent on the volatility of electricity prices. The expected 750MW interconnector to NSW, the 250MW SA Government gas fired generators and increasing amounts of battery storage all affect the viability of a new PHES project.

Putting the PHES project on the market is a sensible approach. HGO is a miner. It is not an energy market player and has no expertise in energy markets.

It would be very unwise for HGO to use shareholder funds to develop the PHES project and this would be a clear signal to divest our holdings.