Ann: Quarterly Activities and Cashflow Report, page-14

Noble Group lost a packet on the Frances Creek IO mine, its an expensive mine to operate.
Noble Group took over Territory Resources in 2012, operated the mine for two years and closed it down as it was unprofitable.
https://www.abc.net.au/news/rural/2...-ore-mine-shutdown-northern-territory/5586306

First Samuel must be rather dumb sticking more money into this dog.
Chances are that ELE will eventually go in Administration. Everybody including First Samuel will have done their dough.
To compete with the majors with iron ore is foolish, too many companies have failed.