Ann: Fourth Quarter Update 2021, page-13

Very possible Ogrady, Ellison must be looking over the back fence at Koolyanobbing with a tinge of envy. As Mineral Resources statement yesterday states reduced earnings from "widening discounts" of iron ore. Our premium ore at 65%+ would be just the cure. The timing of the spinout of Infinity Mining making us a pure iron ore play possibly making us more palatable for the 'big fish' Iron Ore companies searching for high grade is also interesting. Our background with Glencore giving us a tick of approval doesn't hurt either! Looking forward to the next few weeks. Cheers