Ann: Fenix executes Binding Offtake Terms Sheet with Sinosteel, page-128

Hey Rooks,
Possibly more turf to consider having a look at, but unless it’s high grade ore >63%, tbh I’m hoping they find another deal or JV a lot closer to port or rail.
The higher grade ore is the biggest attraction in terms of my investment in FEX, it outweighs the distance to port and the higher C1 costs, making it attractive for not only now, but for the life of the project.
If FEX is to expand, the next project needs to have a high grade, or lower C1, or preferably both. We know there is a lot of ore in the Weld range, purely with what Sino is sitting on, but it’s lower grade. If it isn’t >63% around the Weld Range I don’t know if it will be viable long term when IO spot price eventually corrects.