M4M, page-291

the below is my take on the situation based solely on the presentations and my hopeful assumptions of what could happen are.

Funding will be about $3m before any options get converted. This will be enough to get all three initial drill programs and field works done.

Cane Bore:

They should be expecting the rock chip sampling any day.
once this comes back the drills should be going into the ground early July.

The bulk sampling should happen this quarter. I believe they will be shipping this up to their contacts in China to see if it’s a suitable blend. Noting this resource will be lower grade.

Shipping:

this is where I would look at the mineral resources asx announcement last week regarding the initial ore shipment from Onslow. This is the Ken Bore deposit which I believe we will lean heavily on in regards to existing infrastructure. Also Google “west Australian transhipper” for further regarding this.
It takes the need for a deep port out of the equation making these stranded iron ore deposits viable. Mineral resources had the FOB costs at $45 per tonne. I think using their infrastructure we could ship ours for $50. At $120USD per tonne this could be a really good cash spinner even after the grade penalty of say 15%.

Goldsworthy East:

by all reports this will be drilled in October. This is the one that everyone is most excited about.

When you think the mine next door did 55mt @ 64.5% grade and our anomalies are three times the size. It’s not hard to work out why.

Catholic Well and Mogul:

these are likely to be drilled at the end of the year.

Mogul could be exciting, possibly they will sell this or get a partner in as it’s not within the Iron ore strategy. They do have a $180k grant to help with the drilling program.

Abaja:

hopefully they can sell this national project of significance for something, would not be expecting anything though.

I’m going to be adding on weakness, if the Iron ore price can hold up think this could achieve its goal of becoming a mid-tier producer. Fingers crossed all.

Good luck!