Ann: 10.5 Km IOCG Target Defined at Death Adder , page-14

re: Ann: 10.5 Km IOCG Target Defined at Death... Moimoi, as I understand it the free carry right entitles TRF to 20% of the net proceeds (after deducting expenses associated with production transport etc) of all Fe ore produced from Wilcherry Hill. This would be taxable income for TRF. Interestingly, finance costs (interest) would be deductible but when expenses are paid from IFE capital raising the 20% is undiluted. Looks to me like a pretty good deal for for TRF and no surprises Ian & co have most of their investment in TRF ! This is my understanding; open to correction/clarification by anyone with my detailed information.