Ann: Change in substantial holding-Tiger Hill Global Fund, page-20

insaf

JNO IMO will never bring Mt IDA into production. The cost estimate almost a decade ago was over 1 billion dollars. You only need to look at the FMG Iron Bridge project to see that nobody will attempt another large magnetite project any time soon. That has blown out by over 1 billion and there are other issues for Mt IDA.

The plan was to produce 10 m tons per year from memory but there is not that amount of spare capacity at Esperance, the proposed upgrade there was scrapped and it has not been upgraded since 2003/4 and there are no plans that I am aware of . Also there are unresolved issues for transport to Port even if they had capacity.

JNO plan to produce 1mt DSO from MT Mason from the 6mt deposit, to put that in perspective Australia will probably export in the region of 900 mt of IO in 21/22.

Should prices remain high in 2022 JNO will make good money and give a good return especially to sh like me who paid nothing for them. I dont see anything that will significantly affect the price until they are closer to being a producer and I think the current valuation is fair but that my opinion