Ann: Quarterly Activities Report, page-3

"Due diligence was completed by a range of counterparties during the quarter, with several parties now
engaged in transactional negotiations with the Company relating to potential funding support for the
Project, as Magnetite Mines progresses Razorback towards FID."

2 quarters to go before we run out of cash in the kitty. I am sure Tim will get us across the line soon. What I took from this announcement is that the company is going full steam ahead with this project. No mucking around, establishing relationships, partner negotiations, investigating water pipeline costs, mining lease, DFS, land titles/owners, etc. I am still encouraged by our crew. We are slowly ticking the boxes and chipping away. One magnetite at a time.