Ann: Quarterly Activities Report, page-15

I have a few reservations about the last 2 acquisitions, as I would have preferred sticking to and expanding Iron Ridge and hedging IO + the diesel price, rather than empire building.

The only possible upside that I can see from the acqisitions, is that the management may be looking to expand the logistics element using the sheds and the trucks eg Lithium + other IO hopefuls. GWR couldn't make a go of exports when prices were supportive and there are a couple of others now, looking to truck, without the requisite assets.

But let's see...