Ann: Anglo American Agreement, page-23

I completely agree.

At current prices I am confident they would be very profitable. But I am here mainly for the the phase 2 hi smelt plant and the production of HBI and pig iron. To get there they will need to make half decent profits form start of production (in about 4 months) until maybe mid 2023 to be able to fund the building of the hi smelt.

Would be really good to know if their break even is $50USD (62% eqv) or more like $100USD. Would make quite a difference in assessing the risks.

Once the hi smelt is up and running they should be all good no matter what the IO price is. But that is obviously still some time away.

Seem the market at this moment thinks they need quite high IO prices to get there, otherwise the current very low MC (now like 70M AUD fully diluted) doesn't make sense for a company that starts making money just months down the road with every potential of making hundreds of millions in profits just a few years down the road.

They are now priced as if there is an over 90% change of failure.