it is not what they would like us to beleive, page-14

Hi cass, basically until the mine is at steady state nameplate production I believe (DYOR) it will continue to deliver negative cash flow. The reason being that revenue is low (not getting 20% premium for magnetite, low revenue from low quality IO....) and costs are high especially due to high development costs until the plant is completed. I previously tried to determine a production level at which the plant would be profitable without succuss. The key to positive cash flow and profitability is nameplate steady-state production!! sdo