a king timbo special, page-14

Exploration Target*
upgraded to:
515Mt- 675Mt @ 26%-46%, including
15Mt - 25Mt 56%-62%DSO

Better results include:
16m @ 61.3% Fe from 12m, ICRC01
20m @ 60.0% Fe from 4m, ICRC02
16m @ 61.2% Fe from 20m, ICRC33
16m @ 57.3% Fe from 8m, ICRC37
20m @ 57.5% Fe from 32m, ICRC43
85m @ 44.87% Fe from surface, ICRC 04
100m @ 32.5% Fe from surface, ICRC218
120m @ 32% Fe from 36m, ICRC28


very low in phosphorus impurity


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600MT of high grade (36%) magnetite @ 20 cents per tonne is worth $120m

20MT of 59% DSO @ $6 per tonne is worth $120m

the fully diluted market cap of FEL @ 20 cents per share is $27m

factor in another 40m shares for exploration funds

$240m in in-situ value divided by 174m shares equals $1.38 per share

proven management

CFE is a major shareholder

close to infrastructure