Ann: Blacksmith Scoping Study Investor Presentations, page-12

My suggestion would be that in order to get worthwhile information you need to speak with logistic companies with specific relevant experience in the highly specialized field of ore transport.

Someone, a world away, most likely on the opposite side of the continent and in an entirely unrelated logistics industry would have absolutely no idea whatsoever of what requirements are to carry out the task at hand.

Everything is completely different from the trucks used to the trailers used, the size of the vehicles, the speed they are legally permitted to travel at etc, etc.

The company providing the relevant information for the scoping study is in this exact field so we keep an open mind on their inputs to the scoping study and await the fine tuning as a result of the PFS.

Other small iron ore companies are very successfully utilizing this exact method of transport (FEX to name one) so I think we should remain positive that we too can achieve great results from the same approach.

All the while we need to remain mindful of our past but also look forward with guarded optimism to a positive mining experience.