Ann: Optimisation Transforms Razorback Iron Ore Project, page-22

Unpopular view here, but I still stand by the opinion that this is just management stretching out investor interest as long as is possible, to allow management to try and prolong their own generous employment. Many might be excited by the resource getting bigger, and a +25% performance today, but if you read that announcement objectively it’s basically the conclusion of one study (optimization) and the beginning of another (an updated DFS). I see this in juniors all the time, especially penny-dreadful sectors like uranium where some projects have had as many as 3-4 optimization and DFS “refreshes”, sometimes over a 15 year period. They then highlight this as some sort of de-risking piece when in reality all it tells a savvy investor is that after 10-15 years they’ve never been able to get the project funded and the ore out of the ground.

Again, go back and read the ROY announcements (this is the old MGT, for newer players). You’ll see all the same stuff. You have to wonder, if they are so excited about optimizing the project so much, what does that say about the 2021 DFS which they were also so excited about? What this announcement is more or less silent on, is any cost/capex figures (even very indicative). They’re happy to provide all these other figures, but not that...