Ann: Change of Chief Financial Officer and Company Secretary Role, page-9

Your 54 cash costs, comes from a high 150 iron ore price. Grades need to be better than the jorc at 19%. Currently iron ore is 95, and ore grade of 15% according to jorc.

at 110 iron ore price. Cash costs are 66, and that's using the jorc of 15% iron ore grades. The projects not that good. Can you see that. Its 14% irr. With the low iron ore price. The irr would be below 10%. Not really very inspiring if you need 500m loan. Mgt needs the iron ore price to boom again to make the project more attractive to funds. Thats a boom time asset. Remember funders go on current iron ore price