recent developments in this sector, page-25

Jaeli

The point here is to compare recent fledgling explorers/developers. Considering that BRM spent a lot of time drilling holes like any other mob would, they are in a state to develop their project.

1) They have a JORC of 1.6bt @ 59-60% FE, apprx 950MT.

The ore body referred to as Brockman iron oxide comprises mainly of CID. The ore they've drilled is similar in composition to what RIO have & what FMS are reporting.

BRM are drilling CID/DID & pisolitic ore with a cut-off grade of 40% FE. After proper blending & beneficiation this becomes 59% FE DSO grade ore. These low grades are typical of CID deposits. So FMS could have a combination of CID/DID/BID. Only BID is 58%+ Fe, the other two are 45-55% FE. Contaminants in BRM' acreage are consistent with CID occurance in the area.

2) BRM shares: 134.6m, Cap: 147.4m, JORC: 950MT, EV/Res: 0.15.5c/ton

3) BRM are initially lookn at production rate of 1-2 MTPA.

4) The orebody isnt too shallow, the strip ratio being 1.5:1

If one were to compare Apples & more Apples then this is what one can expect in time for FMS.

cheers