what about the cash, page-8

Totally agree Novac.

There are a number of facts which should not be overlooked.

1. It's no brainer that UMC will prove up +100Mt high grade (low impurities) DSO at Railway. If I'm slightly out in my calculations and they end up with 80Mt @ 61% Fe, Barry will only need to reduce the grade by a few notches which will eaisly see the addition of +20Mt without compromising the status of DSO.

2. The possibility of UMC ever mining is exceptionally high.

3. Funding required to achieve an operational mine will be at the expense of minimal dilution.

4. Mining the ore body at Railway will increase UMC's liquidity to the extent that funding future exploration (adding tonnage to UMC's portfolio) will not be at the expense of further dilution.

I'm more than happy to hold!!!