Very interesting article PS, I totally agree with you that we...

Very interesting article PS, I totally agree with you that we are clearly moving forward with a positive plan to road freight Ore asap.

My firm belief is that TIO are under the constant glare of ASIC, given the number of active investigations currently going on and quite possibly have made the decision to move on, whether by their own volition or more probably via a deal with ASIC in the background to either exit or play by the rules in order to avoid potential prosecution. TIO cannot stand the public glare or transparency as evidenced by their DNA over more than 100 years hence the complete change of direction for RHK in my opinion.

I am of the opinion that if a TO offer is forthcoming it will not be from TIO because I believe they will run into FIRB trouble getting approval given their disastrous performance since coming onto the FMS share register. Their opportunity for a successful takeover is well and truly passed, had they been half reasonable in the first place they would have taken FMS and everyone would have moved on, but now as you rightly point out PS, all minority shareholders are extremely skeptical of absolutely everything TIO does.

It is also my belief that OCJ have also severely damaged their credibility with minority shareholders as a result of siding with TIO and the Board with the delusional BBIG Deal back in the day. The only saving grace about OCJ in my opinion is their stated thoughts on the value of FMS back sometime ago when they said it is worth $1 per share any day of the week, and that was pre the 25:1 consolidation, meaning $25 per share in today's terms! Whilst this figure would be fantastic for all shareholders, no doubt it is a little ambitious at present but as we move forward to production and reach each milestone with significant improvements as we expect with the looming BFS then the share price should show marked improvement on current pricing.

Another very positive recent improvement in my opinion is the addition of share incentives for employees, given these shares are not paid for as we have done, but these people are in a position of influence in that their performance has a direct impact on the share price and the ultimate worth of the Company. To me this is reconciled as the cost of doing business and if by their direct input these employees benefit by improvement in the share price so do we all. A rising tide lifts all boats as the saying goes.

Finally I am of the belief that we will be into production in 2025 and I fully expect that to occur earlier than we are told now and also at a greater volume than we are currently aware of. I think we will move to production of 5-6 mtpa in the first year as it makes most sense rather than say 1 mtpa. I expect this will be achieved by refining the production model to ease the burden of capital requirements via third party build and operate contracts. Current Iron Ore pricing provides an enormous incentive to get RHK into production asap.

Looking forward to a very exciting year as we move forward towards the BFS and FID in the second half of this year.