Ann: Financing Update, page-5

Firstly - I know current management have not driven HAZ to this position, so I should give them more credit, was more of a frustration that it got to this stage before the problems being exposed and dealt with. New management can hopefully get it back from track.

Please know - this is only me making assumptions out of boredom with this stock and lack of updates as to what the actual progress is at.

Takeover possibly. Or a Chinese investor holding a very heavy interest, bailing us out, but them taking a large holding in return.

Reasons I am making these assumptions in my head;

- HAZ management spending time in China it appears.
- China being number 1 producer of W worldwide (80% of total).
- Chinese restrictions on the industry. China has the stronghold on this metal worldwide, and has very strict regulations along with that. Having an operation happening right next door in VN = no Chinese restrictions.
- China is looking to consolidate the industry and placing minimum requirements for plants to be able to continue operating (I would assume this is because it is much easier for them to monitor).

Along with a few other things - I could be way off the mark though, who knows!

I am just thinking that if I were a Chinese businessman and either deal in, or wanted to deal in ferrotungsten, and I could do so in a country right next door, with less regulations, and the project had the potential that HAZ does...and I could get a good deal... then I might be interested. Who knows! All we can do for now is speculate, but I have a feeling we will hear something firm soon.