Ann: Investor Presentation , page-5

One can only assume the only thing holding it back is its location.

Where else can you get a JORC 16 mill tonnes for 2.8 mill. With more being found in the latest drilling results. So there is a huge potential to achieve their target of of 50 to 100 mill tonnes.

Maybe the other factor is the Headline rate of $96 a tonne cost delivered....maybe they should have focussed on the production cost and then the ease of transport.

Either way....with the current price of IO at about 140 it still leaves 40 bucks profit per tonne. And at 2.5 mill tonnes a year that still gives a healthy $100 mill profit a year.

That makes an MC of 2.5 mill very cheap indeed