Ann: Appendix 5B, page-14

IMO this will be a little too high for the 59%-60% product.... The earlier prices of $65 quoted was for 63% grade iron ore. the greater the % the greater thew sale price..... however, there has been significant price increase in domestic iron ore in india since that $65 was quoted.... I think i will be banking on around the $60 mark....

the $2.354m could be a mixture of estimated sales on more tonnage than 30kt, along with GST collected on the sales also. Although, haven't looked into the gst aspect in india, but, only assume it is the same methodology as here in Aus, as in charged and collected from customer.