Ann: C4 Iron Ore Deposit - Production Update, page-55

I am a holder of both GWR and FEX .... FEX is a little ahead in terms of progress, tonnage and cashflow over the last 6 months and therefore their indication of a dividend.

GWR are increasing the volumes substantially this qtr, and have increasing stockpile tonnage and transport operations so may close some of the cashflow gap over time. GWR have higher costs but I do expect them to lower a little as they achieve steady state production.

GWR also will have some additional cashflow from the JWD development and extension ... it really does depend on IO price holding long enough.

FEX is closer to shipping than GWR but if the longterm infrastructure study can achieve an outcome I think maybe GWR is the better buy longterm .... thou probably a lot of ifs and maybes as well as costs and time.

In the short term I hope both do well for there respective shareholders, it really is a foot race to ship as much ore as each can till the price is less favourable. Good luck guys.