Ann: Haulage Record Set & Stage 2 Pit Ore Crushing Commenced, page-18

Look at GRR and FEX. Absolutely ripping charts. I understand the price of IO plays a role but GWR progress to date apples for apples is much undervalued and the constant capping and sell depth manipulation is clearly evident. In fact FEX no comparison as both now producing 1.5 MTPA steady state but GWR resource massive in comparison at similar grade. GWR also has multiple jt ventures about to make money. It's been pointed out FEL has a MC of 70M and they only own 60 per cent of the JWD Project with GWR Group holding the remaining 40 per cent stake. Undervalued massively at a MC of 118M.

Bring on that quarterly. Time for the market to have solid numbers to rerate this company.