Ann: Fenix achieves one million dry metric tonnes of sales, page-23

That is no doubt a large pile of performance rights but considering there was much risk when starting this operation it does not seem soo crazy. I agree with blocking anymore performance rights. I reckon excluding the hedge. The remaining production of IO which should be nearly all lump is making over 15 USD per tonne at todays prices. Around 120 USD per tonne my guess for that high grade lump. That is nearly 170 Aud per tonne. If we can't make a good profit at this price level I would be very nervous. I expect the next dividend will be around 3.5 to 4.5 cents. And around these similar prices another 3 to 4 cents for the final. All the while gradually building up that cash for exploration in Australia. It is way too risky to consider Africa and our cash will get drained quickly with no gain. Nearby deposits is the goal. Potentially anyway of doing on site refinement of lower grade IO (a study into it). We have 5 or 6 years until the crunch happens. We need a solution within 3 to 4 years. If nothing over 60% can be had nearby then it may be best to wind up the business.

Assuming that bare min profitable per tonne of around 20 or 30USD (otherwise those performance rights wont get issued).

By the time the mine reaches the end of life we could be looking at 200-300million in the bank. If dividends are paid at a 50 to 60% of profit that is.