Insiders directly own 0.7%. But Orion Mine Finance owns 28%, Condire Investors 16% and Greenstone Resources 16%. Since August, there has been a decent amount of insider buying but we would not consider it hugely material (lots of shares, but at 9 cents a share not so much money). The balance sheet has improved, and it has $16M net cash right now. But cash flow was negative $12M in the last 12 months. It will need more capital. The outlook for copper is OK. There are underlying positive trends (EV demand) but China's weak economy is an offsetting factor somewhat. HI is a small company at $70M market cap. We would consider it OK but not hugely compelling and certainly very high risk.
5i Research Answer: