Ann: GRR - Quarterly Report for 3 months ended 30 September 2019, page-26

Footmax. Here's the extract from Australian Mining 31 July 2019 "The Tasmanian-based producer experienced low production and product sales in the March quarter, a period that the company instead focussed on minimising the overall impact to achieve full-year production.Grange has now established access to the main ore zone at the Savage River mine, leading to a target production of 1.2 million tonnes of pellets for the second half of the year to reach 2.1 million tonnes output for the full year.“The team will continue to focus on sustained delivery of high-grade ore to support full production rates for the balance of 2019,” Grange chief executive M. Honglin Zhao said."

Based on the Q3 550kt pellet shipments as per Oct 2019 GRR ASX mining report this would leave 650kt pellet shipments to be loaded in Q4 to achieve the 1,200kt pellet shipments/output for 6 months to 31 December 2019. Based on the 4 ships already loaded in Oct 2019 there's 275kt loaded & shipped within last 4 weeks. Therefore next two calendar months & 6 more pellet shipments (6 vessels of 80,000t dwt) would see GRR CEO 2HY19 target achieved. Next vessel RGL First (dwt 82,215) is scheduled to arrive at Port Latta on 6 November 2019. Also ROC j/vs may see 4-5 Melbourne apartments settled then GRR's profits and cash flow outlook for FYE 2019 are strong with robust earnings, profitability and full year sales of greater than $350m. DYOR