Ann: IronClad Appoints Former Mount Gibson Iron E, page-6

re: Ann: IronClad Appoints Former Mount Gibso... Gozz,

Remember their timelines are also based on a lot of third parties and senior employees giving the board information that they base their timelines on.

When they were getting their MLA, the SA government told them 6-7 months, yet it took 10 to 12months. What do you expect them to do? This delays everything.

I am sure they have been told when the barge will be ready, when the plant will be on site, other port logistics that they need, contractors ready to go. They assess everything and try and come up with a timeline.

So they are not deliberately trying to not keep the market informed, it is that there are areas out of their control and they depend on these people to get it right. If they don't, they need to change the timeline, but it makes them look at times inept.

Getting good senior people can only help the future estimates, but more importantly it ensures the ore will get shipped albeit a little later than we prefer.