ASX Today, page-38792

CGS,

A great question.

To best of my knowledge, company has not given data on this, except that LT average cost might be around AUD680/t.

I am hopeful that KV commissioning, sharing the experiences of our predecessors, Lycopodium and recent major plant like Sigma's in Brazil, might go smoothly. Though I fully understand management reticence to forecast that.

In any event, low volume in year 1 is always your enemy, offset slightly in KV case by the huge pile of selected ore sitting waiting (without mining cost) above our untrialled Sag mill.

My own thinking is we might actually break even in FY25, if prices average USD 1,100 FOB Geraldton. They are not perhaps there yet, but I fully expect them to get there by 1 July, 2024, and to rise from there.

So, I don't expect we will draw fully the new facility, or any replacement, to meet WC losses.

And part of my thinking is AUD will stay low against USD for a while, based on lower iron ore prices.

But just my view, and best guess, and invite other inputs.