Quarterly predictions, page-349

Thanks Miningnut and again good prospective analysis. I can understand this lower cash number being held end of Sept 2020 than you had estimated which is primarily other expenses. These other investment exploration expenses have been featured previously as GRR releases free cash generated into capex and very much in line with my earlier 26 Sept 2020 comments. The $13.15 million capital expenditure spent & undertaken in Q3 ("progression of underground exploration decline and bulk sample drive in North Pit and NP Open Pit drilling program". The latest ASX report also indicated that North Pit Underground exploration is now completed (2,420 metres of development). " Seems the pre-feasibility study is scheduled for completion Q2 2021". Positive to that there is continued investment into growth areas and increased capacity across the business and expanding iron ore reserves and resource assets to extend Mine Life in Tasmania.

The increased Pellet stockpile as at 30 Sept 2020 being 395,391 tonne. This latest ASX statement indicated "GRR production and sales of iron ore remain on budget for the full year" GRR has scheduled upgrade works program with Port Latta pellet furnaces off-line in late Nov and part of December 2020. It seems to me the pellet stock pile and consistent pellet production of more than 200,000 per month should imo provide a stockpile of finished goods (pellets) to enable at least a additional 5-6 vessels for November and around 32-33 vessels for the 12 months period to 31 December 2020. Reasonable prospects of pellets being delivered / exported via Port Latta.

The positive features for me is the increased commentary and some facts being weaved into the report around exploration costs, status of various projects and some estimated decision timelines around underground and other approvals. Disappointing the lack of information around Carter Toorak apartment sales although the Victorian Government's Covid lock-down restrictions would have challenged all real estate sales due to rules on property inspections etc DYOR.