Ann: 2020 AGM Investor Presentation, page-2

From the presentation.

"The fabrication of the crushing and screening plant for producing up to 400 tonnes per hour of product including lump
and fines from Industria Mecânica Irmãos Corgozinho Ltda (“IMIC”), is underway. "

Conservatively running the crusher for 12 hours per day, gives 4,800 tonnes per 24 hours.

Allowing for maintenance / down time, working on 300 days of production per year equals 1,440,000 tonnes per annum.

ASIC at a conservative $60 AUD per tonne, still provides a margin of $140 AUD at current Iron ore prices of $155 USD / tonne.

Healthy cash flow of $201 million per annum.

Current market cap fully diluted, $112 million.

6 months to production, re rate will be quick...!

Lute