Ann: Change of Director's Interest Notice - BJarvis, page-6

Hopefully this time around there is some quantitative analysis applied to some of his outcome
forecasts. Whilst an eternal optimist myself I think he had visions of a baby FMG back in 2020…….

2020-
He said he concluded the Yerbas Buenas ore body was “unique” and “extremely valuable” with its ability to produce “ultra-high grade” 67-69% iron pellet feed, with low impurities – even for magnetite.“It is just a question of how much ore is there – the indication from the recently published mineral resource estimate is that there is a lot.”

in 2025

We still have a ways to travel down the road to get out of this position and prove to the market we know how to delivers profitable dollars into the cash register. With applied effort and continued sales growth of the aggregate we should be able to deliver our first profitable quarter in Q3 or Q4 this year. Time will tell.