Ann: Interim Report, page-2

Lot of loans become payable by the end of October 2024. The mine will definitely not be up and running by then, so no doubt the major shareholder will have to cough up more to keep this as an ongoing concern.

If I were the major shareholder I'd be wondering what exactly the management do. It seems the mine and rail/port development has been left to Min Resources, who are taking their sweet time to finalise. Min Resources and Hancock appear to be in no hurry to complete the Final Investment Decision around developing Stanley Point berth 3 in Port Hedland, which is surprising given the long battle they fought against FMG to be allocated that space (originally given to Brockman/Atlas/Ferraus over a decade ago) by the WA government.

Maybe Min Resources figure that if they hold out until October next year, Brockman's major shareholder will give up in exasperation and then Min can pick up the scraps for a song. This stock really needs Min and Hancock to make a Final Investment Decision on the berth development in order for it to take off. Mine and rail elements are sorted but it's the port berth that is the critical and final piece. The Marillana tenement has circa 400 MT at over 61% final product, free dig without blasting requirement which makes it fall into the lower 25% percentile in mining costs (according to feasibility study conducted years ago). It certainly sounds like a financially viable mine. I've been holding this stock since 2006 when it started off as Yilgarn Mining, so if I'm lucky it could be up and running before I'm too old to remember I hold it.