update, page-25

I wonder what Silvergate are thinking and what they will do. Iron ore price is climbing, back above $100 / T and we all know the cash costs and grade that Hawsons contains.

As of the last substantial shareholder notice, dated 6th August, they held 18.4 million shares, which is 17.36% of the issued stock.

Are the current trades simply games being played? Are these games driving our price down or are they legitimate sellers out there and if so, is Silvergate mopping up the cheap shares?

Silvergate can purchase approx another 2 million shares before they have to advised if they reach the 19.9% limit.

I hope we are not being setup for a cheap take over offer but I fear we are.

Would love to see some updates on our other projects.