Ann: Change to Financial Year End, page-8

I agree RB.

If you look at recent announcements you can see they are carrying inventory of 492,000t at cost ie $9.8m. That values it at just under $20/t. Assuming they can sell it at $US110/t or $A150/t that would mean a profit of say $100/t allowing $30 for haulage and other costs. That equates to just under $50m profit in inventory to add to the $29.4m in cash holdings bringing the total to around $80m which compares with todays MC of just $55m.

Ignoring any enterprise value, imo the shares are worth around 4c minimum as opposed to todays 2.7c value.

If they could get sales up closer to production numbers, and IOP stays north of the current $US112.5 for 62%Fe, imo regular dividends of 0.5c-1c are possible going forward.