this could end badly, page-35

Whadayaneed FRB? Can I suggest you take a closer look at yesterday's developments.

NO debt.

$35 million cash at bank.

Heading for nameplate capacity in the short term.

Falling AU$ to more-or-less offset change in iron ore price (my opinion - based on AU$ at 0.85 and IO prices of $100-110).

Remembering we are paid a significant premium to spot for our product.

Off-take agreement ensures all production is already bought.