Ann: Results of Meeting, page-39

I don't have a crystal ball, just the same facts that everybody else, including you, has access to.

Do I see the price reaching 10c - are you kidding? 10c Would be a disaster IMO.

Between 2008 and 2018, in exactly 10 years, FMG shipped almost to the tonne, 1 billion tonnes of ore. To date, I don't believe they've shipped as much Ore as PIOP is KNOWN to have in the ground. Now there are many variables, grade, Ore prices, undiscovered future resources, but we know there are 1.4 billion tonnes AT LEAST of PIOP ore.

The FMS share price is where it is because there has never been a solid path to market, simple as that. When the State rail agreement was announced, it spiked to 10c, purely on a deal in principle. If this thing gets up, we get the agreement done, an FID and into production, then yes, I expect the share price to be well over 10c.

We are not FMG. There are many differences, including now company structure. And whislt I would love the capable, tranparent major holder that twiggy is, at the helm of FMS, even our team, with a rail agreemnt in place, and chinese agreements in play cannot IMO mess this up.

It might take a little bit longer, but I think we'll go well above 7 - 10 c.

FMG is at $9.62 with a market cap of $29 billion as I write this, or, valued at 290 times what FMS is currently valued at.

FMG have shipped less Ore to date as a business than we already know we've got with PIOP. Even with all factors taken into account, having 40% of PIOP, making less on each shipment etc. etc, would we realistically, as FMS, having even a 40% stake in a producing mine, be valued at 1/290th of FMG?

I don't think so. Not even close. Again, all IMO.