Ann: Cyclone Metals and Vale execute Development Agreement, page-106

While it may have low strip ratio the head grade isn't fantastic. It's not a standard magnetite resource as it has around 18% magnetite while having around 29% head grade.

It has a more complex workflow that requires significant processing to achieve a sellable product.

On one of the announcements I did read there was a new area targetting DSO, which I thought was interesting.

Its an interesting project, Vale have structure the deal to walk away very cheaply if it doesn't stack up. I think its hard to put a value on it due to so many unknowns. Hopefully the PFS will clear alot of this up.