On 14 Mar, Lippo invested $6m at $0.40, moving from 7.35% to...

On 14 Mar, Lippo invested $6m at $0.40, moving from 7.35% to 13.92%.

19 Mar, the inital JORC for Selenge was announced. 32.8mt of magnetite at 24.4% Fe, with an exploration target of 120-250mt for Dund Bulag, another target. Share price $0.535

At that point the met properties were very uncertain, the JORC was for only a fraction of the prospects, there was no technical or financial scoping study and there were clouds on the horizon around the change of govt.

May 5, new foreign investment bill give govt greater control over new investments (not retrospective to existing investments like HAR) and changes of control situations

9-10 May, Matt Wood buys about $50k of stock at $0.35 per share. 15-17 May, Matt buys $125k of stock at $0.34.

Jun 2, Met test results show that all 3 deposits/prospects produced over 65% Fe with identified high grade zones potentially upgradeable by dry magnetic separation which could lead to earlier commercial production. And 2012 drill program commences.

26 July, 7 diamond core rigs drilling at Selenge. $15m in cash to keep funding

21 Aug, Scoping study - techincal and financial - suggests a >$1bn valuation under the base case, ~1.5 at 5mtpa subject to reserves. Check assumptions though - $130/t.

9 rigs drilling

27 Aug MOU to secure 5mtpa rail capacity

29 Aug, price $0.27 per share???

This has nothing that I can see to do with HAR, just general market sentiment. But happy to hear views to the contrary.

Matt would not have invested more at $0.34/35 pre met tests and pre scoping study without knowing this was a great project.

V clear catalysts: increased Selenge JORC, conversion of Dund Balag exploration target of 120-250mt to JORC, mining licenses, confirmation of path to 1mtpa production

And what if Lippo does what Banpu did with Hunnu??? That was 9x for IPO investors

Definitely a buy under $0.35 in my view but DYOR.