Ann: Quarterly Activities/Appendix 5B Cash Flow Report, page-53

the original ann below quoting $A 56/t free on board. and we did it/doing it for north of $A86/t....????

Also CAPEX was closer to $6M +++++

always interesting to look back and assess credibility of coy announcements....

GLA

Venture commits to recommencing
Riley Iron Ore Mine
▪ Completed Riley Iron Ore Mining Study update delivers strong returns
with the pre-feasibility containing the following highlights1;
- Post-Tax Cash generation of A$31M,
- Pre-Production Capital Estimate of A$3.6M (fully funded),
- IRR of 303%,
- Post-Tax NPV8 A$27M based on two years of production,
- Operating Cost of A$56/t fob.
▪ Board commits to decision to recommence mining;
▪ Work in progress on more economical ore transport solutions;
▪ Experienced General Manager of Operations Appointed;
▪ First ore shipment targeted for next quarter;
▪ Full off-take Agreement now executed.