lets recap, page-5

There should be an update to estimated costs (and with iron ore prices still pretty high they may be even better than the forecasts!). When the Lucky Bay floating barge came into focus the costings were supposed to improve with dramatic transport cost reductions. The figures were not changed at the time (from memory here it was a 25dollar per tonne saving?) as IFE wanted to show that the project was viable anyway and that the profit margin would just get better with Lucky Bay. Perhaps this is why the insto's are jumping on board (for a fee of course).

However there was no mention of cash burn for 6-9 month delays, there was no mention (despite the many people who criticised Ian's true intentions in getting permission to 're-set the dilution clock' at the AGM - and look where we are now, we did pretty much the full dilution he could get away with without going back to the rest of the share holders) of the plan to get finance. Look how other companies do it - they make an announcement that they are in discussions, or they state a capital raising, they generally don't cook up a deal behind the scenes that offers unfair advantage over the rest of the market.

So while there are positives that are obviously attracting people to continue to invest in this company I just don't trust that the full story is being told. It may be that the story is even better, but the track record of diluting out from under the feet of others while offering great deals to others is enough to keep me away for a little while yet.