@next2us - whilst I agree that we are not likely to see a...

@next2us - whilst I agree that we are not likely to see a partner being announced prior to July, I am not sure that HIO is as far behind MGT as you might think. They just might be doing things in a different order. I think it will be interesting to see who signs up a partner first.

MGT announced appointment of their financial advisors today, saying that Azure Capital is appointed to "support the Company with its funding and partnering options related to the development of its 100% owned Razorback Iron Ore Project".

Whereas over six months ago, HIO made the following statement in the September 2023 quarterly report - "MP Capital has been selected and engaged as the Financial Advisor to support the Company's strategic investor program".

If we go back and look at what Jeremy Kirkwood said in his AGM Chairman's address in November 2023 (after the appointment of MP Capital), you will see that he had a clear plan for introducing strategic partners. Whilst that plan was delayed a few months due to drilling delays, the progress to entering agreements with strategic partners seems well on track. I have copied a few quotes from JK's chairman's address below.

"Accordingly, we consider it best to invite strategic parties to partner with us and assist with funding theBFS. However, it is imperative that we do so fully prepared and confident in the development scenariowe present. It may be that strategic partners will request further additional drilling, prior to funding theBFS. Hence the need to have largely completed our current drilling program and include the mostrecent inputs to our analysis of the route to market"

"Commencing in early December, Hawsons will conduct market soundings with potential strategicinvestors in which we will present an outline of the Project and our selection process. Feedback fromthese soundings will be essential to determining the interest of potential strategic investors to proceedwith the BFS and finalising the structure of the process. This should coincide with receipt of theDecember 2023 drilling results in the Fold Zone"

"Subject to feedback, we will then enter a Strategic Investor Process with a smaller group of ‘qualifiedinvestors’ in the March Quarter of 2024. These parties will be provided with a comprehensive,confidential Information Memorandum. We will then select our preferred partners. This group, withwhom we aim to negotiate final agreements, will be given full due diligence access. We anticipate thisprocess will take up to six months overall, with a targeted completion in the June Quarter of 2024."