dfs is out, page-25

An MRRT resolution in favour of BRM re: taxing point and pre-beneficiated ore transfer price would also be big news.

So not discount the possibility of an additional offtake partner, together with a corporate development re: equity stake, JV etc.

UBS have been extremely quiet; if they are being paid a retainer I suggest BRM should cease it - they have been next to useless.

However rail is the next big box to tick - If WR is able to whet the market's appetite with a concrete development, or an indication that something positive is happening, this will be good for the share price.

We should be broadly happy with the DFS - it is a very big box to have ticked - do not discount further insto interest in BRM as a result of it.