Ann: C4 Iron Ore Deposit - Production Update, page-57

Hi Deano,

Just my opinion I wouldn’t say who has the best leadership but Fex management is probably better well known in IO, along with the Fex story, they are ahead operationally and cash, with a bigger market cap which may attract some institutions. The hedging is also attractive given the movement in IO.

GWR,( a little less known compared to Tony Sages FEL imo ) are balanced a bit finer with higher costs / profitability at the moment, so probably a little riskier in the now, but the cash / market cap gap could close quickly if the IO price stays steady, GWR really need a transport solution longterm, maybe a deal with Mineral Resources down the track thru Esperance. Gwr also hold a valuable tax benefit but that pivots on profitability. Their stripping ratio is also low 1.2 to Fex 2.86 lom. The management probably has to prove themselves as a producer.

Junior iron ore players have lots of chequered history, these are just 3 more, time will tell. Good luck.