$1.00 price target, page-81

Hays

Not sure what you mean.

FAS currently have proven around 20MT of Hematite iron alluvial gravels of grades around 59% from memory.

Dig out the Iron pellets, give them a wash, airblast them to get rid of impurities truck/train them to Esperance bang them on a ship and Bob's your uncle. Sounds easy hey, LOL.

SHIP North according to announcements has the potential (not yet drilled) of hosting similar reserves to SHIP south so SHIP South would be the first Stage of Stage one if you like.

Stage 1: Hematite rich alluvials
Stage 2: Drill and blast Hematite
Stage 3: Magnetite

If this project gets off the ground and IO prices stay reasonably Bouyant this could be a very profitable little operation.

Recent announcements from FAS would indicate they are very close.

Cheers.