Ann: Maiden Ore Reserve for the Razorback Iron Project, page-255

So I had a great chat with Peter this morning and I highly suggest anyone with concerns to organise a chat with him.

Purely my interpretations from the general discussion, none of the below is direct quote of management.

Regarding NPV and figures, these figures are an assumption by a 3rd party sign off (Oreolgy), strictly for the bases of the maiden ore reserve (a crucial step in ensuring funding for future developments, eg capex etc). They do not reflect in accuracy the potential of the full project or any definitive figures that we may see in our optimised single go forward case, come PFS.

From what I gathered from the conversation and announcement this sign off also played its part in the minor delay of PFS and that there is no deleterious circumstances that caused this, with PFS being finalised and due imminently.

Unfortunately no definitive answer on off take agreements etc.. for obvious reasons... but from what I could deduce, feedback and ongoing discussions with interested parties etc.. has been very positive in response to this major derisk of our endeavours.

As for future studies like BOST etc... they are on track as per indicative timeline or currently underway.

All in all the idea seems to be start small, get the ball rolling and get to producer quickly, then with free cash flow boost the operations eg by attacking opex, expanding operations etc..

Once again I highly suggest, to anyone, to call management with any concerns you may have.

Hope this helps
ALWAYS IMO DYOR GLTASH