MC/NPV perspectives, page-20

Sure glad our production 10-12mtpa is better then other IO juniors offering 5mtpa and therefore half the capex cost.

(can look at downrampers posts above who they post in forums upramping)

The biggest de-risker will be when we get an offtake, Mitsui have previously secured, the relationship is still strong, could be anyday. We also have BFS funding, where other juniors are only at PFS stage, so they have more dilution to come. Do agree with Tran, while it is too early to fully lock it all in, we need de risking milestones for the next 6 months, so we are then above $250m (35c ish) market cap before talking capex (mix of offtakes, government support, bank funding and capital raise, once market cap is clear of 35c). At that stage, we could be in take over talks which we would welcome 50c pocket change for FMG.

But don't forget, we have less SOI then other IO juniors, and we are further progressed. i wouldn't be surprised the amount of retail investors out there thinking SP means better investment - market cap is key!!