Sound very much like the game plan i have stated...

Sound very much like the game plan i have stated recently:

Partners are waiting on the resource update and the pilot plant sampling/testing/metallurgical result to confirm what
those figures/metrics are wthin their expected ranges and then the JV deal and off-take agreements kick in.

My expected time frame is as early as 2 weeks after those 2 major de-risk events (resource update and pilot plant flowsheet/sampling/testing results).

Of the 2 major de-risk events: the resource figure is already a good figure and looks like it is more than 500mt, 25% higher than the 400mt required for an operation of 20mtpa for 20 years. Some may still insist on 400mt in the Indicated/Measured category but I strongly believe the partners have set their targets on 300mt in Indicated/Measured with another 200mt in Inferred category. Because they know with future further drilling, the JV will more than likely see total resource lifted to 700mt-800mt with more than 400mt-500mt in Indicated/Measured category.

With the sampling/testing/flowsheet update, what i am looking for is a product of Fe68.5%-Fe69% with silica impurities of less than 3.5%. I would be more than happy with that and i believe the JV partner would be more than happy with that.

If JV deal and off-takes happen, I expect sp will move to $2-$3 range within 6 months.