Ann: COO Appointment, page-5

In the FHS prospectus, the independent experts report says that there is 55-65 million tonnes of sand containing 10% Fe but this is based on only a quarter of the land. No value has been assigned to the other 75% of the lease. In another part of the report it says the sand covers most of the lease.

Also the report does not assign any value to the magnetite hard rock, gravel or gold. One of the main reasons for the IPO was to raise funds to actually define the mineral deposit in terms of the JORC Code.

The Yerbas Buenas project is 20 km south of the Dominga hardrock magnetite project where a deposit of over 1 billion tonnes is subject to a feasibility study. I am a FHS shareholder so fingers crossed they may be sitting on something significant too.